Lead Your Company Through An Economic Slowdown
During periods of economic decline entrepreneurs are most likely to bear the brunt economically. Do not bury your head in the ground waiting for things to get better. Look how your business can leverage this time to actually increase your opportunities to outsmart larger competitors who, during a downturn, carry on with business as usual or are unable to adapt quickly. Proactive small business entrepreneurs can actually thrive: Maintain a strong cash stream throughout the downturn, in contrast to other companies that may have liquidity problems. Become a leaner, more cost-effective and more efficient operation, better positioned to do well when the market improves. Gain market share by taking it away from competitors unable to adjust to shifting market conditions.