Strategies for surviving during a recession
I once read a story about a gentleman whose business was hit by a recession. His contracts dried up and he began using credit cards to keep his business afloat. Ultimately, he racked up some $85,000 in debt. But then he made a gutsy move for a company in financial distress and hired an employee which freed him up to pursue more contracts. He now has 4 additional employees and has satisfied the debt accrued during that time. His recession strategy was a risk, but it was one that paid off.
David Rudofsky, Founder of Rudofsky Associates is our featured guest in this Episode of The Small Business Trends Radio. David is in his fifth year advising small businesses on financial strategy and he shares his insights on the best strategies to survive during a U.S. recession.
Here's a sampling of topics discussed:
If consumers are leery to spend - it's a good indicator of a U.S. recession. Because here in the United States, it's the consumers that drive 70 percent of the economy. A much different figure than in other countries.
Internet sales - are likely to see a significant increase due to rising fuel costs and a desire by consumers to consolidate excess travel spending. If you want your small business to survive, an Internet presence is a must in times like these.
Grow your business through acquisition - because savvy business owners realize that a recession is a good time to acquire property and assets at very reasonable prices. Your investment is likely to increase and your business can benefit from the growth and expansion.
This broadcast has been made possible by Small Business Trends Radio and Anita Campbell.