WILL YOU REMEMBER THE RECESSION AS HALCYON DAYS?
Gene Marks thinks that the best of entrepreneurs will do just that.
In his article Why Some Entrepreneurs Will Miss the Recession he says:
"Sure, the recession has had a devastating effect on some. But for others, it has provided a chance to slim down inventories, attract superior talent, and soak up government largesse" ................
"It's funny how some people can have different experiences from the same event. Fifty years ago, there were many people who found something to love about the War, regardless of its devastating impact on countless lives. My teenage daughter loves to watch Bridezillas, regardless of its devastating impact on the brains of anyone near the TV set. See what I mean?
The recession is the same, especially for small business owners. Many have lost money. But then there are other business owners, smart business owners, who have benefited from this recession. They've been able to make decisions during these challenging economic times that will favorably impact their profitability in the years going forward. Some of us will look back on this recession like Uncle Joe looks back on the War. We'll miss some of these times.
For example, we're going to miss having had this opportunity to take a breather and do a little house cleaning. Many business owners I know have been reorganizing, refurbishing, and painting their offices. One friend of mine is selling off a ton of old inventory, some at below cost. Besides freeing up room in his warehouse and raising cash, these sales are helping him to establish new relationships for future deals. Other guys I know are reviewing their customer databases and updating information. They're upgrading their computer systems and repairing equipment. They're sending idle employees off for training and more certifications. Many of us are going to miss these slower times and the opportunities we've had to make our businesses, and our people, better. "
You can read the full article in BusinessWeek here
Gene Marks, CPA, is the owner of the Marks Group, which sells customer relationship, service, and financial management tools to small and midsize businesses. Marks is the author of four best-selling small business books and writes the popular "Penny Pincher's Almanac" syndicated column. He frequently speaks to business groups on penny-pinching topics. More penny-pinching advice from Marks can be found at www.quickerbetterwiser.com.