I've been a bit lax with the posting again, but I'm trying. Continuing with the theme where I left off last time, starting companies in the downturn (likely to be a recession), the last time we talked the worlds markets were in turmoil, the banks had stopped lending money to us and to each other. Things have continued and are even worse two weeks on. Now some would say is the time to tighten belts and budgets, for prudence sake. At least that's what everyone else is doing, and what we're doing at home to be fair. It's cheaper shopping, soups and casseroles for the winter. Many businesses are reacting the same, I've heard it from them and so have you. Even businesses that have nothing to do with the finacial or property markets are tightening their budgets, and feeling or causing the pinch to be felt. Is that good news for the nimble small business? Like every other news, yes. Small businesses face unique challenges their larger competitors don't but they have one major advantage - they can move and react faster. Don't get me wrong, I'm not suggesting anyone should go on a spending spree. But neither am I suggesting that now is a time to be completely miserly either. What I am suggesting is that while your larger competitors, or even competitors of similar sizes are worrying about the future and cutting back their development efforts; or cutting back their staff, salaries and benefits. It's a great time for you to make the leap to the next level, and come out ahead when this is all over- because it will eventually end, one way or another.
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