Entrepreneurial

The recession won’t last forever — so get ready

April 24, 2009

cleaningIt’s hard to see the light at the end of the tunnel when the economy is tanking, but recent headlines suggest that recovery isn’t so far off — and that means small businesses better dust themselves off and brace for a turnaround.

According to small biz expert Rieva Lesonsky, all the inventory-slashing, staff-paring and morale-squashing that’s been the norm of late is bound to backfire when consumers wake up from their recession-induced spending coma and come a-knockin’.

So what’s a small business owner to do in the meantime? Lesonsky offers the following tips:

Play nice: Demoralized staffers will be the first out the door when the economy picks up again. If you want to keep them (and save yourself the time and expense of hiring a new person), treat them like a valued member of the team.

Make smart investments: Now’s the time to revisit contracts with suppliers and vendors to hammer out the best available deal. It’s also an ideal time to upgrade outdated technology and refresh depleted inventories, if possible. Customers who can’t find what they want will go elsewhere.

Beef up your staffing: Even if you can’t afford to hire full-time, consider bringing in interns or temps to fill the void. Again, customers will take their business to competitors if they feel service is lacking.

How are you preparing for the economic turnaround? Share your thoughts below.

Comments
2 comments so far | RSS Comments RSS

Read the economic signs, some big guns in Asia are starting to buy again, look at Kirin buying Lion Nathan, Mitsubishi buying Lucite Chemicals and NEC Electronics showing interest in Renesas Technology. These companies are bargains compared to a year ago and have become potential take over targets. If the big players start buying and investing again, maybe we should too.

 

Staples Recovery

Use what we have first to stabilize our country. We have lots of low sulfur coal in the power river basin of Wyoming, and Montana, develop a system to clean up the emissions and sell it or trade it to China and Russia. They are going to burn coal and lots of it with or with out the technology to scrub the emissions. Open more mines with every mine open would come with lots of good paying jobs, plus a fleet of hall trucks, drills, draglines, backhoes all built by Caterpillar, John Deere etc, more jobs in manufacturing. Then build more electric coal fired power plants again more jobs in manufacturing good paying ones, but use only us workers. This would create lots of railroad jobs haling the coal and machinery, and building materials to put this plan in effect. After you stabilize the negative spiral of our country then give tax credits to any one who could develop the alterative power sources and then employment the power sources in a stable country, not a country in economic turmoil

 

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
  •