There is no question that budgets are dwindling for most people these days. It is something in the air. So small businesses as well as big businesses have to think about where and how to allocate their money. The one thing everybody seems to agree on these days is that cash is king and you can't be too liquid right now.
A small business owner has to think about where his/her money is best spend. But ultimately, into the foreseeable future, he or she is really going to be thinking about how to hold on to as much of it as he or she can.
The experts, some of them, will tell you not to worry about anything, to carry on business as usual. There is some wisdom in that strategy, sure. But the fact is, it is not business as usual. Something is happening. And while widespread panic is not something anybody needs right now, caution is definitely called for.
A small business owner needs to put together air tight budget right now, and streamline his business as much as possible without compromising "the appearance of" prosperity.
In the end, it's all about balance.
2 years ago
