When you listen to the news, read some business magazines they will tell you about how tough the new year is going to be. Sub-prime housing crisis, soaring property prices, terrorism and climate change among others are to give us a big hang-over.
This assessment may very well be true for the large banks and big business, it will undoubtably create an economic downturn and this will in turn restrict the money availability for business, including small and micro business. But is it really the disaster may talk about, for small business?
I think not – granted it will be tough – but small business needs to be proactive with cost-control, credit-control and develop more outsourcing and bootstrapping mechanisms. Most of all, small business and start-up business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer- or Personal business, like professional, contractors, freelancer, self-employed, sole-trader and virtual assistants, need to do cash-flow-planning . You will be able to see any cash crisis coming a mile off, this will enable you to do something about it, before it is too late.
Don’t let the scare-mongers get you down, just be clinical in your business approach and your small business will be better for it – recession or not! ST.