How to recession-proof your business
Despite the increasing challenges of rising energy costs, rising health care costs and increasing taxes, small businesses overall remain optimistic, according to the latest research by Intuit that they presented at our Maryland Business and Accounting EXPO last week. The research showed the following:
- Nine out of 10 small businesses remain optimistic despite the stagnant economy.
- Seventy-seven percent expect growth in the next 12 months.
- Sixty-five percent have weathered a recession before.
Intuit's Small Business Manager, Catherine Harrell and Quickbooks Advisor Joe Woodard (President of Creative Financial Software) presented this research along with the Intuit-sponsored research on the Future of Small Business simultaneously at our Expo and in the virtual world of Second Life on CPA Island.
Here are the tips to recession-proof your business:
- Keep marketing. This could lead to higher market share during the recovery.
- Hire terrific talent. Talent often becomes available during tough times.
- Target large company small clients.
- Become an outsourcing source. Can you provide services to larger companies in your industry?
- Get your finances in order.
- Consider acquisitions.
- Develop a loyalty program for your customers.
- See from your Web site to expand your reach.
- Go digital.
- Concentrate on increasing sales and cut down on new product development.
- Stay positive.
These tips were attributed to small business expert Rhonda Abrams. Visit her Web site.
See the video clip presented during the show here.
You can download the full presentation and a presentation for CPAs to help clients prepare for the future here.
Check out our blog post at www.slacpa.org.