RIDING IT OUT: Proactive small businesses can lead the pack in a recovery

 

 HAVE WE FORGOTTEN how to manage our businesses for growth? Economic downturn, Recession, Bottomed-out, Double-Dip. No matter where we are in the economic cycle, we should be proactive, not reactive, by planning and positioning ourselves for an economic recovery before it happens. Many great businesses that are prepared for the upturn, will ride the leading edge of the wave of recovery, and be well positioned to claim an even stronger market position than before the recession.

Recessions challenge businesses of all sizes, but it also helps to create a level playing field between them. As small businesses, we have a strong advantage over large businesses, not only to weather-out the recession, but to react quicker than large businesses, and take advantage of a recovery. As small businesses, we can take advantage of the opportunities in a recovery quicker and more effectively than large companies, because of our flatter organization structure, and ability to make and execute decisions faster. More…

CASE STUDY: When Married Owners Strategies Differ

Tom wanted to grow the business rapidly with outside investors and Nancy preferred downsizing the business to retain majority ownership and control

The Thompson Companies is a specialty retailer of children toys. Tom and Nancy Thompson founded the business in 2002, together shortly after they were married. The business started out as a hobby, but rode the wave of a strong economy and flourished enough for both of them to leave their full-time careers and dedicate themselves to the new business. As the business grew, both were in agreement on most business issues.

The business came to a crossroad. More…