Recession Rebound
By Michael J. Moldvay, CPA, Senior Manager
With each passing month, there’s more evidence that the economy is on the mend. If so, the coming months may represent a unique opportunity for entrepreneurs to ride the tailwinds of a robust economic recovery, with these four strategies:
With each passing month, there’s more evidence that the economy is on the mend. If so, the coming months may represent a unique opportunity for entrepreneurs to ride the tailwinds of a robust economic recovery, with these four strategies:
- (Re)-ramp up your marketing. Start planning now for the most efficient and cost-effective ways to re-implement marketing programs curtailed during the recession. There are still some bargains to be found, whether in cash-strapped magazines and newspapers or advertising agencies willing to provide services at reduced fees.
- Strengthen your cash flow. With credit still tight, bankers are looking primarilyat the strength of a company’s cash flow to service debt when deciding whether or not to lend money. Scrutinize your financial statements now so you’ll be in the best possible position to borrow money for growth when the need arises.
- Stay focused on business fundamentals. The recession forced most business owners to focus like a laser on fundamentals: things like strong inventory management, receivables collections and cost control. Don’t let up just because there’s a light at the end of the economic tunnel.
- Consider staffing up. The stubbornly high unemployment rate is good news for businesses looking to hire top-notch employees. If you can afford it, now could be the perfect time to staff up in preparation for anticipated future growth.
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