A recent study conducted by the Discover Small Business Watch for March indicated that economic conditions in the small business arena were getting worse according to over three quarters of the small businesses polled. This is definitely a sign that the economy for the small business owner is getting worse. Almost one half of the small business respondents indicated that their economic outlook for the next six months getting worse.
It is important as a small business owner to keep track of trends that occur in your particular industry and look for ways to run a “lean” operation when economic times look bad. A great way is to be sure to have a strong support staff around you at all times. Small business owners spend the majority of their time operating the business that there is little time for keeping track of planning for the future. According to Discover’s study small business owners are also more likely to partner with a financial consultant to keep track of trends and economic downturns.
Keeping Your Business N Synergy