Don't Ignore Economic Slowdowns

I'm not an economist but I've been through four or five of these economic slowdowns in my business career. I can tell you firsthand that none of them has been fun and a couple presented serious challenges. What you have to realize is that these slowdowns (recession or not) are going to happen every six or seven years and they will affect how you do business.

If you don't adjust and pay attention to what's going on in your economy and in your business, you could end up in a financial crisis. How do I know this? Because it happened to me early in my small business career and I never forgot it. I learned many lessons to handle the next next one that was always coming. There is no reason to panic but you must make adjustments in spending and how you do business. You will get through it and come out a stronger company for the future.

More on financial problems in chapter 17 of my book "90 Days to Success as a Small Business Owner" available everywhere.