Small businesses create 80% of all new jobs nationwide. They are integral contributors to all industries, and that is why small business will also play an important role in the push toward economic recovery. You can position your small business for the economic recovery that is sure to follow the ongoing recession. Use these three tips to stay one step ahead of your competitors and move one step closer to economic recovery.
1. Keep an Eye on Congress
The United States government understands the magnitude of the economic recession, and they are not sitting idly by. Legislation is in process that is geared toward stimulating economic recovery and small businesses may benefit directly from new initiatives and programs. Keep a watchful eye on Congress and look for new opportunities and legislation that relates to small businesses. The successful small business will be the one that is poised to take advantage of government-initiated economic recovery programs.
2. Use the Resources of the Small Business Administration
The U.S. Small Business Administration (SBA) is dedicated to lending a helping hand to struggling businesses in these tough economic times. If your small business is in financial trouble, or even if it is on the brink of financial woe, then the SBA has the knowledge and resources to help. This may come in the form of financial advice or even a short-term small loan to help you make ends meet. No matter what you need, the SBA can point you in the right direction. Visit www.sba.gov for specific resources for your small business.
3. Network with Other Small Business Owners
If your business is struggling, then chances are the others in your community are facing similar problems. In order to position your business for the economic recovery, you can network with other small business owners to save time and money in the interim. For example, if you and another business owner can both use the services of a bookkeeper part-time, you can keep that bookkeeper employed full-time by dividing their time between two businesses.
Following a recession is always a recovery. The key to positioning your small business for economic recovery is diligence, perseverance and creativity. These three tips can help maximize your efforts to stay afloat in the present so that you can support your customers and employees in the future.