With the economy mired in the slowest recovery of the post-World War II era, conserving your resources while planning for growth remains an essential part of the small business playbook.
Cost-cutting is always one of the first things companies look to when they’re under some pressure, but a recent survey by The Hartford suggests that cost-cutting should be done judiciously. So take less money out of your business for you and your partners, slow expansion plans and business investment and limit hiring before taking more drastic steps that could slow your growth when business recovers.
Instead, strengthen your relationship with existing customers and prospect for new ones. Refine your business plan. It’s probably also a good time to avoid taking big risks or jumping into new markets unless you’ve thoroughly evaluated the risks and potential rewards.
Make sure your disaster recovery plan is in place and that your data is protected. A prolonged business outage is the last thing you need.
And be passionate about your work and enjoy it. According to The Hartford, 81 percent of small business owners define success as doing something they feel passionate about and enjoy. If you’ve achieved that much, persevering through a slow economy is a lot easier.
Adapted from 5 Tips for Finding Success in a Tough Economy at Small Business Computing.