Government Grants for All

The Top 12 Technology Mistakes Small Business Make And How To Avoid Them

Have you ever had that ominous hunch that something bad is going to happen – and then it does? Unfortunately, this gut-wrenching feeling is far-too-familiar for small businesses facing the complexity of information technology.

By its nature, IT is a confusing, expensive and forever-changing animal. Hardware and software sometimes becomes obsolete within months, let alone a few years. And thanks to budget restraints, many small businesses fall into lethal traps like hiring inexperienced personnel to handle their IT. But it only takes a single mistake to lead to a catastrophic loss of company data, and starting over can be heartbreaking.

Fortunately, it doesn’t have to be this way. There are many ways small business owners can learn from the mistakes of others. As a veteran IT professional on the front lines each day, I’ve listed the top twelve most common errors that small businesses make with IT.

Mistake #1: Using non-functional back-up software

Many small business owners assume that just because hardware or software is present, data itself is protected. This is a terrible assumption. Just because a server has an appendage that looks like a tape spooler attached doesn’t mean that tape spooler is actually working. At a bare minimum, small businesses should perform regular testing on backup software every two months. It is far more costly to recover lost data than perform the proper testing of backup systems.

Mistake #2: Using mass-market equipment to run business-class tasks

Using mass market equipment to run business operations is a fatal error in judgment. That $49 router from Best Buy will simply not perform like a commercial-level one will. The products created for business are expensive because they’re designed to keep a company up and running at all times. Many small business owners cut corners just to keep their budgets down, but using inappropriate equipment can cause an extraordinary loss of manpower and resources.

Mistake #3: Overextending the technology lifecycle

That five-year-old PC your receptionist is using probably won’t hurt your business when it dies. But if the 10-year-old server under her desk does, it can cripple your entire company. All technology has a set lifecycle. Manufacturers call this life cycle MTBF, or mean time between failures. Any IT person worth their salt can see how many errors hardware or a server is making and judge when it needs to be replaced. Servers and PC hardware, in general, have a lifespan of about 3-5 years. This lifespan depends on how much this equipment is used, but if you’re not backing up your IT elements or replacing them often enough, you should start by doing it now.

Mistake #4: Having a “set it and forget it” mentality

This is perhaps the most common error small businesses make when building their technology infrastructure. Make no mistake: IT hardware and software requires routine regular maintenance and adjustment. Think of your IT infrastructure as you would an automobile. If you forget to put oil in your car, your engine will die. Servers and software need continual care so they can perform at optimal levels. As a small business, you should hire someone who can see the Big Picture. If you don’t, the question becomes not if you’ll have a problem, but when.

Mistake #5: Buying new software while skipping hardware upgrades

This problem stems from the over-marketing of new upgrades from software manufactures. Each company wants you to upgrade to the latest version of software — some even make it impossible for you to function without these upgrades. But many of the newer software platforms require you to upgrade your hardware simultaneously. Many small business owners upgrade their software without even thinking about the hardware, which may not only impact other systems, but cause catastrophic performance problems for your overall IT ecosystem.

Mistake #6: Going cheap, regardless of the consequences

Everyone knows that IT — from new software to hardware implementation — is expensive. But not too many small business owners know why. IT elements often cost more because they require a migration from another system or the completion of complex tasks to work optimally. Unfortunately, this is why small businesses, time and again, find themselves in an untenable situation: they choose the cheapest software only to find that some extraordinarily important piece is not included in the purchase. So conduct your due diligence. Buying IT equipment is just like buying a house – and you should only be comfortable when quality workmanship is involved.

Mistake #7: Forgoing user training

This is a problem that’s less about equipment and more about human nature. Training is an absolute must for small businesses. Without the proper training on software or hardware, well-intentioned equipment purchases are useless. Small business owners should train their employees on all IT elements whenever possible. A well-trained staff and a solid set of IT equipment will save your company time, money and plenty of headaches. Preserve your investment by keeping staffers up to speed.

Mistake #8: Working without a plan

Planning out IT initiatives or upgrades is a task that should be done, at the bare minimum, once a year. Many companies do this annually just to line up their equipment with pending corporate initiatives. This is a great practice. Mapping out your technology path can impact your entire business. Each small business should not only budget for new hardware, software upgrades or other technological elements, but for additional manpower and technical support. If you plan ahead, that software upgrade or mandatory hardware migration will no longer jump out from nowhere.

Mistake #9: Skimping on security

If you do one thing after reading this article, it should be this: take your security seriously. Many small businesses find it inconceivable that someone would target their business or try to steal their valuable data. Unfortunately, this is the furthest from the truth. Security has become the number one issue for IT environments in the past few years, thanks to online scams, vulnerability in software and networks using improper architecture. As an IT expert, I’ve come across small business systems that are so vulnerable, their accounting data is readily available on the Internet. Other systems have no anti-virus software or no malware protection, but plenty of insidious spy ware working overtime, capturing everything from login names to passwords. At some small businesses, I’ve seen criminals use open ports to hack into security camera footage — just to plan a robbery. Spam, malware and viruses pave the way for a devastating security breach. Don’t let it happen to you.

Mistake # 10: Using under-qualified people for IT support

On its face, leaving a friend, neighbor or relative in charge of your IT is not necessarily a bad move. But assuming they’re capable of such responsibility just because they can download and install software is. An under-qualified person can never give you good IT advice. Because they’ve fallen into this trap, many small businesses actually end up spending more money just to correct the mistakes of an under-qualified IT person. If you need outside support for your IT environment, always ask for certification and credentials. A good IT person is always trained and certified to work within the complexities of an IT environment.

Mistake #11: Not knowing what you have?

Ever wonder what’s in your IT room? Well, you should. Sometimes small business owners are so busy running their shops that they forget to count their software licenses or keep inventory of how many PCs they have. While countless businesses played it fast and loose years ago, one can’t afford to do that now. Strict asset management requirements – straight from the U.S. government – demand that you keep tabs of what you own. The companies of today that wave off asset management may find themselves unable to get a loan or other financing. Asset management is critical. Conducting your first inventory, especially if you’ve been in business for some time, may be an expensive task. But it will save you much heartache in the long run.

Mistake #12: Using pirated software

Software licensing rules can seem quite unfair. Many small business owners wonder why they should purchase more copies of software when they can simply use one for all their machines. With older software, you could probably get away with this. But with today’s ultra-sophisticated software, it’s simply a losing bet. Some software companies are cracking down so hard that when you download updates, it alerts them when the software has been used more than once. A company can disable your software completely at just the click of a mouse. Even worse, you could end up facing fines of upwards of $100,000 from the Business Software Alliance. Keep your software licenses up to date and you’ll never find yourself in this situation.

Many of the problems tackled here can easily be remedied by using a qualified IT professional. Many IT companies now provide flexible, affordable packages that cover maintenance, support and the overall health of your IT environment. So take your time and do your homework. Plan ahead, spend wisely and hire qualified personnel. The money you spend on IT in the short run may feel like an incredible investment at the time, but it most certainly will pay off in the end.

Tags: Avoid, Business, Mistakes, Small, Technology, Them.

Government Business Grants For Small Business Start Ups

For many entrepreneurs trying to start a small business finding the cash to do so is often a major stumbling point. There are many routes to consider and for most small business owners the first two they think of is either getting a bank loan or finding willing investors who believe in their business. While these two methods do work there is one major drawback, the specter of paying back that money while trying to get your business going.

The third method that many small business start ups seem to forget is getting one of the thousands of government business grants that are offered by the federal government every year. For the fledgling business owner this infusion of free money, that’s right, grants do not have to be paid back, can be the difference between a successful start or a dismal failure.

If this sounds like a good way to get started there are several things you need to get organized before you start writing grant proposals for your business endeavor. The most important part of any new start up is a sound business plan. This is essentially your road map to success and any governmental agency that is responsible for giving grants will want to see one.

Two people who can be of great help when it comes making a business plan and applying for government grants for small businesses are a good accountant and lawyer. They can help guide you through the whole process making sure that your business plan is sound and all the numbers make sense. This can significantly increase your chances of successfully getting a small business grant.

It is important that you use any grant money you receive for the purpose for which you originally stated in your application and business plan. Those agencies that granted the money for your business purposes want to see you succeed. They believe you have a sound plan but if you are found not to be using the money to further your success you stand a good chance of being strongly sanctioned or penalized.

This usually isn’t a problem though because most entrepreneurs use the money for its intended purpose, which is to start and grow their business. For this purpose it’s hard to beat government business grants.

Tags: Business, Government, Grants, Small, Start

Why Should You Opt For a Business Proposal Template?

A business proposal is an offer made to a prospective customer. The main aim of this offer letter is to solve the problem of a customer by offering one’s products or offer as a solution. Beginning an offer letter from the scratch is a painstaking effort. Therefore, a marketer can seek for some help which can be conveniently found on the World Wide Web. A businessperson can seek help from different templates or samples in order to make the process of proposal writing easy as well as smooth.

When you seek help from a free business proposal template or a sample you should first try out that sample that best matches with your requirements and best suit your offer letter. For instance, you are the owner or holding a position at a management level in an IT company and you want to send an offer of the contract to your client.

Being an IT company, one should select a template that matches with an Information Technology enterprise. Many samples focus on text while other focus on the graphics. It is up to you to select the best one out of all and that befits your business. The main aim of this area of focus is to make yourself and your message clear to a client. Present yourself in a convincing manner so that a prospective client gets convinced and ends up in accepting your proposal.

Many computer programs focus on the use of both text as well as graphics to create a persuasive offer letter. The utility of these examples is that it helps a marketer in making a client understand him. In the world of business, there is much litigation and these templates give good examples to present an organization in an attractive manner possible. It also increases the mutual understanding of any sort of agreement or business deal. In this way, you can select the best template that serves your purpose in a better manner.

Tags: Business, Proposal, Should, Template

Business opportunities at home for moms

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Being a mother of five I’ve always maintained a second job just to make ends meet. I’d run from one job to the next, within the hour, switching uniforms in the car while driving. Finally after nine years I gave up my second job and all the frills it provided for my family. Although I don’t miss the hustle and bustly of running between jobs, I do miss the extra cash!

That’s when I discovered how easy it was to make money at home with the help of the mazu business pack. Easy, Its true!

Mazu offers marketing trick, tips, and guides to successfully start your own home business. Simply choose which programs you would like to work with out of the 10 that they have to offered, and you will be on your way to make money in no time.

Everyone has dreams of being able to make money online, and traveling the world, and spending time with there loved ones. Having money will gave anyone this freedom they dream of each night.

Working at home provides time with the children, family vacations, and new ways to explore more ways of making money online, and growing your online business.

Tags: Business, Home, Moms, Opportunities

Six Reasons You Should Start An Internet Home Based Business

In the last two years the national economy has taken a tremendous shock. Not only have we experienced a large increase in unemployment, but we have had governmental spending at unprecedented levels. For those of us over forty, our concern for our retirement is now extending into the solvency of Social Security.

It now is highly likely that this unfunded government obligation will be being paid with inflated dollars. Being such a large liability, it might be expected that any COLA (cost of living adjustment) would not be keeping up with the actual inflationary increases. This would have the obvious effect of reducing the value of our Social Security retirement.

During the tenure of President Carter, the government removed energy and housing from the COLA formula. These have been the two largest inflationary items in our economy. The present Social Security payments are substantially lower than they would have otherwise been. This type of future government manipulation can be expected.

The extent of the present unemployment has had the psychological effect of generating an incredible amount of uncertainty in those who have been lucky enough to maintain their employment.

It would appear from all of the above stated reasons it would be a very prudent decision to add another stream of income to the family budget. And as convincing as this information is we many times to not take into account the advantages of having an in home business.

Aside from removing our insecurity concerning our future income capabilities, having an in home business has a large number of rewards.

With the present revenue of 156 billion dollars being generated on the internet, and the unlimited earning potential, an in home business can be started for the cost of a computer and some filing cabinets.

Normally you can start an in home business on a part time basis and grow it into a full time income.

1. Once full time income is developed, the U.S. Federal Highway Administration indicates the average American spends 348 hours each year commuting. This is like adding 15% to your available work time and a large savings in auto expense and daily lunches.

2. You are no longer dependent upon an employer or governmental activity in regard to your and your family’s future.

3. You are now a master of your own fate. You no longer need to worry about company politics, compensation, or unfair termination.

4. Initially you will not have a tremendous amount of tax benefits, but as your business grows, these benefits can be quite an advantage. We would recommend you speak to a tax attorney for the latest rules and regulations. Being able to pay your children in pre tax dollars is a great way to generate a college fund.

5. Working on the internet is quite different than a brick and mortar business where you had customer sales contact, customer service and problems with accounts receivable. Most of the procedures n the internet are highly automated. Once your procedures and promotional actions have been put in place, you should have substantially more free time for friends and family.

6. You certainly will have no need to find any other creative outlet. The infinite number of methods, products, and promotions is quite motivating as well as stimulating.

After making the decision to start an internet business, the next most important judgment in which you will be faced is the area in which you will become involved. It should be an area in which you have an interest and in which large amounts of money is being spent.

We would like to suggest the healthcare industry. Large portions of the national and your family budget are being used in the healthcare area. In addition, there is no other area that is growing as quickly. People will forgo many of their other necessities of life to adequately care for their health.

Doctor Suzanne Gudakunst has developed a breakthrough weight loss program taking the diet industry by storm. You have undoubtedly seen her on national television describing her program. She has now developed a very unique affiliate program. There is nothing like it presently on the internet. She is looking for associates to increase her visibility on line. For more information, go to our website as shown in our Resource Box.

Tags: Based, Business, Home, Internet, Reasons, Should, Start

Got a Great Business Idea? You May Have More Resources than You Think.

Do you have a great idea for a business but don’t know where to start? You may be surrounded by help and not know it!

Starting your own business has suddenly become the hot thing; perhaps it’s the relative insecurity of jobs now as opposed to a decade or two ago, or perhaps it comes from the need to supplement your regular income, or a desire to be your own boss. Maybe it’s that the government has finally figured out that 85 percent of newly created jobs come from small businesses, and not giant corporations. For whatever reason, suddenly encouragement to start a business of your own is everywhere.

One type of organization that has sprung up in every state in the US in the past ten years is the micro credit lending system. Backed by a combination of government and business funding, the organization, which is patterned after a model originating in Bangladesh, gives micro loans ranging from $500 to $5000 to start-up businesses. Small clusters of five to seven people form their own lending groups, study a manual which teaches them the basics of business finances, and then submit loan applications to the group for approval. Each group approves the loans for the individual members of the group, and monitors the progress in payments made on the loan. This is a great opportunity for someone who needs a very small amount of start-up cash, some business knowledge, and a lot of moral support.

Another type of support that has been around for years is the mentoring program run by the Small Business Administration. Retired businessmen and -women from various business backgrounds volunteer to advise new business owners as they set up and promote their businesses. The SBA also periodically offers classes in starting your own business; if there is an SBA office in your area, there is probably a class offered from time to time.

Don’t forget to check your local college for course offerings. Classes can range from standard fare like bookkeeping and accounting (including using computerized accounting programs like QuickBooks) to personnel management, business computer classes, and more. Some colleges even offer entrepreneurial resource programs with a wealth of classes covering every aspect of business development.

There’s lots of advice out there for the budding entrepreneur if you go look for it. Take your business idea and hunt down the resources you need; and good luck!

Tags: Business, Great, Idea, More, Resources, Than, Think

Is Tutoring a Good Business in a Slow Economy?

Tutoring has proven to be a great business whether you want to work full time or part time. Lately with the economy changing a lot of people have been asking what to expect if they are just starting a tutoring business or looking to grow their tutoring business.

The good news is that even in a slow economy, parents and students will still continue to reach out for help and assistance. Students still want to improve grades, develop great study habits and learn to their fullest capability and parents will not deny this to their children.

Parents may cut other extra activities in order to pay for tutoring as this continues to be viewed as a necessity. In addition, they may not be able to pay the high fees to work with a franchise tutoring company which often requires monthly and weekly payments, but they may choose instead to work with an independent tutor who is an expert in their field and work on a weekly or bi-weekly basis.

Because starting your own tutoring business allows you to grow at your own pace, work when you want, and work with whom you choose you can start thinking about starting when you want. Getting started is easy and typically has very low start up costs.

It is best to start with a goal of how you see your tutoring business before you get started. Questions to think about are How many students do I want to have? How many hours do I want to work? How much do I want to charge? How will I successfully market and advertise in my community? Do I want to tutor online or in person? What subjects am I qualified to tutor?

It helps to have a proven outline to follow to walk you through all the initial stages of starting this business as well as train you how to best market and advertise as well as get referrals.

Tags: Business, Economy, Good, Slow, Tutoring

Obtaining Small Business Loans

Obtaining small business loans is tricky unless you are well prepared. Whether you are applying for a loan from your local bank, credit union, or some other source, you need to do your homework first to ensure that your loan application is successful. Most banks and other creditors consider small business loans risky especially in the initial years of the business. So, you have to work doubly hard to convince them that your business idea will succeed, you have a good business plan, that you are willing to invest your time and money in the venture, and that the venture will have sufficient cash flow to service the loan.

When looking at small business financing, most bankers check if the entrepreneur has also invested in the venture. They expect you to bring in between 25 and 50 per cent of the money needed for the start-up. The banker sees no reason to risk their money unless you are willing to risk some of your cash by way of capital.

Another reason why many start ups are denied small business credit is the lack of a convincing business plan. Before you go to meet potential lenders, you need to firm up your business plan. You need to show the lender exactly what their money will be used for and how you plan to repay the loan.

If you are a merchant, you can apply for a merchant cash advance, where the money borrowed can be used at your discretion. However, you do need to show regular sales and the potential to increase sales after the borrowings.

When in need of small business loans try approaching the Small Business Administration for help first. If they are willing to underwrite your loan amount, banks and other small business lending institutions will be more willing to lend to you. This is because their risk is lower. You can even try negotiating for a lower rate of interest.

When you need business credit line for operating expenses or to expand your business by purchasing more stock, it helps if you can offer the lender some collateral. If your business has tangible assets such as real estate or machinery, now is the time to use them to get credit at a lower rate of interest.

When applying for small business loans it is important to keep in mind that the primary concern of the lender is your ability to repay the loan. If you are able to convince potential lenders on this point by presenting a sound business plan and a repayment schedule you are more likely to obtain the loan. Yet another thing that bankers and lenders check is the personal credit rating of the borrowing entrepreneur. If you have not done so yet, get your credit rating reports and ensure that they reflect positively on your willingness to repay loans. By taking these very essential steps, it will be easy for any entrepreneur to obtain loans for their business needs.

Tags: Business, Loans, Obtaining, Small

Is Jewellery Business is a Dangerous Affair?

Jewellery business suffers not only from high gold prices and recession, but from a real physical danger. The story we are going to tell may be an extreme but many of the UK wholesales have been a subject to violent attacks and robberies.
Last week UK travelling diamond jeweller who is a regular visitor to EIRE and travels around the country for business deals with local jewellers has been brutally attacked in Dublin and robbed of €1m of precious stones and diamond jewellery

The jeweller was staying in his Travelodge Hotel room, Ballymun at around 12.15am on 30.01.10 when the three masked raiders, armed with a gun and a hammer forced their way in, battering him on the head with a hammer as he tackled one of them, and chased them into the street before they turned into Coultry Road.

Despite the effort, diamond jeweller failed to prevent the men from escaping and taking his suitcase containing diamonds and rubies and lost his life savings because the jewels were not insured.

Gardai believes he was the victim of opportunistic local criminals who became aware that he was carrying a valuable haul in his suitcase and kept watch on his movements until they established where he was staying. It is assumed that the raiders had no idea of the value of their haul and could now become the focus of more serious players in the crime world who are looking for a slice of the fortune, especially since the jewels are unmarked in any way, and therefore easier to “fence”, because they are not traceable.

Investigators are also tracing all known contacts of the jeweller since he arrived in Dublin to try and establish how the gang knew that the contents of the case were so valuable.

After Gardai arrived at the scene he was taken to the Mater Hospital for treatment for lacerations, receiving around 50 stitches on his head. The doctor stated that if the injuries were a quarter of an inch left or right, the result would be an immediate death.

Last year a very similar story has happened in Manchester where opportunistic criminals attacked the jeweller in his car, breaking his door window, slicing his hand with a machete and disappearing with his stock.

When we are talking about ethical jewellery it is important to remember that bloody gold and diamonds are not only coming from conflict zones- they are also coming from UK and Ireland.

Not only the second hand but also the new jewellery as well can be of concern, as the stolen stock is flogged back into the UK wholesale market ending up in the UK and Ireland jewellery shops with or without conscious knowledge of the retailers. The situation is even more appalling during this recession when an exceptionally high gold price and the greed drive some people to commit the crime.

If we are to tackle the issue of bloody diamonds and gold we should start at home.

Visit www.GoldandSilverJewelleryShop.com for ethically sourced jewellery.

Tags: affair, Business, Dangerous, Jewellery

The Coming Recession And 7 Ways To Prepare Your Small Business

Economies fluctuate. They experience waves of growth and decline. And businesses, like boats, ride those waves. When the economy is good, businesses prosper; when the economy is bad, businesses are at risk. Recent signs suggest that we’re facing an imminent recession. Will your business be at risk? In this article, we will look at the coming recession and outline 7 ways that you can reduce the risk to your small business.

In its simplest terms, a recession is a lack of money in the economy. When people hear that there could be a recession, they spend less. And guess what happens! Demand for goods drops. As a result, demand for manufacturing drops. Then, demand drops for employees to do the job. And because of the threat of job-loss, people spend less. It’s a vicious cycle; a self-fulfilling prophecy. The secret to ending a recession is to get people to spend. That’s why the Federal Reserve (and similar central banks in each country) increase and decrease interest rates: Lower interest rates lead to more loans and more spending. Higher interest rates lead to fewer loans and less spending.

A recession is merely part of the economic cycle. We may not like it, and the central banks are effective at minimizing its severity, but a recession is bound to happen. And because it is a self-fulfilling prophecy, the more we hear about job cuts and recessions and stock exchange losses, the more likely we are to put our money under the mattress instead of spending it… which is exactly what fuels a recession!

Increasingly, news reports indicate that a recession is imminent. Even if you choose to spend your money instead of bury it in the backyard, you can be sure that there are millions of other people out there right now who are digging holes in their lawn or tucking an envelope under their mattress or reworking their budget to exclude frivolous spending. So, we can be sure that a recession is coming. Is your small business ready for the recession?

Here are 7 ways that you can prepare your small business:

1. Rework your sales material: It’s time to dust off those brochures and breathe new life into your website. Each sales piece will need to work extra hard to generate the same amount of sales. That could mean freshening up the content, sharpening the pitch, or clarifying the benefits. This is one reason to welcome a recession: if your revived sales collateral can sell in a recession, chances are that it will sell even more effectively in a period of economic growth.

2. Reposition your offering: Remember that people avoid spending their money in recessions, unless they have to. And there are some recession-proof industries which sell products that people need, no matter what the economic condition. Food and shelter are two examples. But what if your small business serves a need outside of the most basic needs that people willingly spend on during a recession? What then? One option is to align your business with one of the necessary industries. For example, you could rewrite your website content to show the importance of your product or service right now; to demonstrate why your product is, in fact, a necessary industry. For example, if you sell car tires, you could show how tires are an excellent investment because they keep families safe and ensure that people get to their jobs on time.

3. Offer additional products and services: With fewer people buying, and with consumers needing a greater reason to buy, this might be a good time to test a handful of ancillary products. One example for e-businesses might be a free bonus ebook. Create 3 or 4 bonus ebooks and allow a customer to select one as a free gift. Keep track of which ones are selected most frequently. Then, when sales pick up again, be sure to include that ebook as a sale-inducing bonus all the time.

4. Explore partnering opportunities: When the economy is smoking hot, businesses don’t always have time to brainstorm ideas with other businesses. But if your small business is looking to stay afloat, there’s probably another one in a similar situation that would be willing to talk. To find that business, forget what you offer. Instead, think about who your customer is. Identify small businesses that market a different product or service to the same customer. Approach them and talk about doubling up on advertising or perhaps selling the other’s products on consignment.

5. Reach out to previous customers: Your happy customers are a resource to you. It’s easier to convince them to buy from you again and they act as evangelists for your business to their family and friends. Even if you don’t normally reach out to this group, consider changing your habit for the next few months. Create a promotional letter, ezine, or special website where you can thank them for their previous business, offer them another product at a discount, and encourage them (with an incentive) to send you more business.

6. Relax; it won’t last forever: The recessions experienced in North America in the past 50 years have all lasted, on average, about 12 months. Maybe a few months more, maybe a few months less, but generally about that amount of time. While those months can be devastating to some small businesses, it is unfortunate that many small businesses adopt the incorrect notion that the downturn will continue on indefinitely and they take drastic measures based on that line of thinking. However, economies are cyclical and they do move through recessions back into periods of growth. So businesses that tighten up moderately — not drastically — will weather the recession much more effectively and will be better positioned at the end of it.

7. Get ready for growth: During a recession, people buy less so companies are often more flexible and willing to make a deal. Think long-term and buy your raw materials and equipment in advance. As long as your negotiated bulk discount is more than the cost of storage, you’ll come out ahead because you’ll be able to produce finished products faster (and at an overall lower price) than your competition, once the market heats up again.

It would be great if the prediction of a recession turned out to be wrong and you didn’t need this information. It would be great if small business owners could adopt a “business-as-usual” approach without any worry that their customer-base might suddenly disappear in the coming months. But there’s a good chance that there will be a recession shortly. If you take action now, your business will be better prepared for it.

Tags: Business, Coming, Prepare, Recession, Small, Ways