Protecting Your Business from Economic Downturns

No matter where you are on the path to success, you need to stay strategic. Here are some things to consider that may help you weather the storm if the economy changes.

While the economy seems to be looking up in post-recession United States, the shifting economic winds are always subject to change.

Make a practice of studying trends in your business, local market changes, and your customers’ industries and businesses. 

Evaluate your customers closely to evaluate how they might respond to swings in the economy. This will help you to be proactive in knowing how a downturn might affect your business and processes.

You may want to anticipate price pressure solutions. Such considerations could increase long-term customer loyalty.

Look in your own backyard for any shifts in technology that will have a permanent effect on your business.

Small businesses have a much better chance of long-term success when they are proactively planned and managed. Be prepared to keep your business relevant and successful no matter which way the economy turns.

Always look for new opportunities, efficiencies, and markets. Ask yourself whether you have enough of a financial cushion to ride out a downturn. Bad times usually bring unique opportunities if you stay creative, competitive, and diversified.

About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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