Economic News Continues To Be Dismal – You Can Be Proactive During This Slow Economic Cycle
According to the Associated Press today, “The US economy lost jobs for the 2nd month, the clearest sign yet America may be headed for- or is already in – a recession. President Bush says measures he’s put in place should stimulate spending in coming months”
Reuters reported, “Employers unexpectedly cut jobs in February at the steepest rate in nearly five years, a second straight month of employment losses that heightened fears the world’s largest economy has skidded into recession.”
"The question appears no longer to be are we going into a recession but how long and deep it will be," said economist Joel Naroff of Naroff Economic Advisors Inc in Holland, Pennsylvania.
Dealing with an uncertain or changing economy is never easy, but there are some strategic moves that you as a small business can make to help deal with these changing times which will help position you for success when the economy improves.
One suggestion is to make certain that any expenditure will contribute to the growth of your business. Try to accurately project sales, so that you can order appropriate amounts of products and not end up with excess inventory.
Monitor your profitability more often, as well as, review your business plan so that you can keep your business on track during these slow economic times.
It is very important during these slow times to increase your marketing efforts and to stay in touch with your existing customers. Know what your competition is doing and advertise to your target market. Use this slow time to create a newsletter to talk about what is fresh and new.
Don’t despair, the cycle will change again and you will be in a much better position than those business owners who chose not to take action.
What are your outside views?
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