The significant economic downturn of a few years ago put many small businesses on their heels considerably, and in many cases even brought them to ruin altogether. However, at the same time it’s important to note that many successfully survived some very lean years, and likely have plenty of wisdom to impart when it comes to staying healthy and competitive as a result.
One of the biggest lessons learned by many small business owners when they economy took a huge dive was that it’s important to be prepared for any eventuality, and make sure they’re keeping things as trim as possible, according to a report from the San Jose Mercury News. Those that had a lot of inventory on hand when the recession hit were likely left with a lot of products on their shelves that they were having a difficult time moving, and in a very vulnerable position as a consequence. Many might have even faced dire financial straits as a result if they couldn’t afford to pay their bills, and as such those who went through such issues likely learned that sleeker is most often better.
What else can be taken from these difficulties?
Along similar lines, many also likely learned that they might have tried to exceed their actual grasp in their pursuit of growth, the report said. Those who had large numbers of employees, or designs on big expansion in the future, likely had to reconsider what they were doing in this regard and scale back considerably to ensure they could make ends meet when times got tough.
Further, many might have also realized that those aforementioned projections for improvement on their end may not have been as realistic as they thought, the report said. Thus, if they could set their sights a bit lower while still planning to grow or succeed, they might not see that as being tantamount to failure as they perhaps might have just a few years ago.
Owners who are able to embrace the new realities of their industries these days have likely also learned that cutting costs related to essential parts of running their companies can be a great way to ensure future success. For this reason, those who take the time to find more affordable small business insurance – such as policies for errors and omissions insurance – may be able to save themselves thousands of dollars annually.