Small business preparation for economic challenges

What steps do you have to take to prepare your small business for the challenges of an economic downturn? Everything has to be scrutinized, from expenses, especially payroll, to inventory, to capital expenditures, to customer relationships, the list is long.

Of course, all managers want to make these preparations. And even if you have the foresight to see what must be done, having the discipline to take those actions is another matter, isn’t it?

This week I talked with Brain Trust member Stephen Baum, author of “What Made Jack Welch, Jack Welch,” on my radio program, The Small Business Advocate Show, about the survival practices of the managers he works as a Vistage leader and CEO coach, and we talked about these practices. He said that some of the managers in his group began taking survival steps several months ago.

Click on the “Listen” link to learn more about what Stephen had to say, and comment on what you’re doing in your business.

One Response to “Small business preparation for economic challenges”

  1. 1
    Stephen H. Baum Says:

    Jim Blasingame is a terrific source of ideas, insights and practical suggestions for small business owners. And he understands what holds back small business chiefs from doing what they know they should/must. In this most difficult time, he should be your fave for ways to raise revenues, reduce cost and manage cash.

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