What on earth is going on? We just overcame the 2008 recession and yet slow down in Europe, China and USA’s economy suggests a similar trend for the years to come.2008 was the start of the roller coaster ride of economy downturn. In hopes for an upturn of the economy, the government poured out money as stimulus to encourage more lending by banks to small businesses to keep the wheel of industry turning. Twice-shy bankers, once bitten by the credit crunch, prevent the easy flow of funds to small businesses. Should the small business shut their doors and walk away or can they see any downturn as an opportunity to grow their personal and business wealth?
BMF Consultants provided business management consulting to several clients before the 2008 recession. During the recession we made phone calls to see how our clients are doing. It was encouraging to hear a positive response such as “Thank God we have employed your services, otherwise we wouldn’t be here now.”
It is not rocket science but it requires the dedication and commitment of the business owners to learn a strategic way of running their business. You only need to type the word ‘recession’ in Google search and you would get hundreds of topics. As you narrow your search to ‘surviving recession for small businesses’ you will probably reduce the list, but there is still plenty to read. All articles are similar as they list what to do during recession and list items such as cash flow management, inventory control, labour payroll review, leap forging competition, cutting management and owner salary, improve productivity etc…
What the small business needs to survive is good advice but more so is how to implement the advice and steer their ship rudder to overcome rough economic waves.
Our clients have said that prior to the recession they received advice regarding what they need in order to prosper with their businesses. But it was not until they committed themselves to training, learning, and implementation tools that they eventually succeeded.