The recession won’t last forever — so get ready
It’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 It’s also an ideal time to upgrade outdated technology and refresh depleted inventories, if possible.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.