FIVE RULES TO FOLLOW…with or without a pending recession
Five rules to follow with or without a pending Recession
Our economy has always had its ups and downs. The possibility of a recession is a hot political topic and I am not sure whether it is a scare tactic or someone really knows something.
Growing and operating your business by a few simple rules will help you not only to survive a possible recession but to build a solid and thriving business. The following are 5 rules to always follow:
1. Increase your marketing efforts. In good times many small business owners cut down on their marketing efforts. The opposite should be the rule you live buy. Always work on improving and increasing your marketing efforts.
2. Stay focused on your Vision. Your Vision Based Business Plan should always be your “go to” manual. Never lose sight and never stop taking daily steps to make your vision a reality.
3. Reduce debt: Debt reduction should always be a main focus in growing a small business. The debt ledge is always very close. An in depth analysis, benefit vs risk, should always be conducted when taking on new debt is a consideration.
4. Have multiple business strategies: Change is the only constant in the world of small business and adopting new strategies as well as having a few in reserve is a smart decision.
5. 12 month Emergency Fund: Having money in your account does not mean that it has to be spent. I understand the need for growth capital but I also know the importance of having a reserve to cover all your expenses in case income stops. As your personal and business overhead grows your emergency fund should do likewise.
There are very few secrets to growing, surviving and thriving in your own business. These simple rules will help you achieve your dream.
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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack
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