If looked at in the proper light, a recession can be a great opportunity for small business. Just as a down turn in the market is a signal to savvy investors to buy and look for bargains, a recession can be a perfect opportunity for you to invest in your business.
You may look around and find yourself selling less, notice competitors and industry partners having difficulties, and see an increase in corporate acquisitions (bargain hunters). However, know that your competition is getting smaller; leaving you with a chance to solidify your customer base and come out of the recession stronger than you entered it. Grab the market share your former competitors left behind and your remaining competitors are sitting on their hands waiting to return along with the good times.
While your revenues may be falling, you are likely experiencing a windfall in the most precious commodity: time. So, use it to your advantage. Invest in yourself and in your business. Streamline and document processes. Train your staff. Better your skills. Become the ultimate go to business for your niche. Improve your marketing materials. Look into cheap and free ways to promote your business using internet technologies. Take the time to learn more about and focus on your customers.
That which does not kill me, makes me stronger – Friedrich Nietzche