Recession??

Last week I joined a group of 20 TBDC entrepreneurs with disabilities. The topic was the “R” word. Recession.

A funny thing happened -- there was no gnashing of teeth or pulling of hair. In fact, the discussion was very calm. I left with my faith in small business recharged and I understand better why small businesses are considered the “engine” of the economy.

• No one in the room was shutting down their business
• All business solutions discussed revolved around helping customers
• The power words used in the room were “flexibility” and “adaptability.” “Perseverance,” “persistence” and “tenacious” came up as well.
• Lots of recession-proof businesses were identified
• The best strategies discussed were low or no cost
  o Networking
  o Forming alliances
  o Online marketing
  o Focusing on past customers
  o Managing cash

The best comment of the afternoon -- “If you started your business with no money then what’s new?” said Ashley Proctor, owner of Creative Blueprint. “You just continue as you always do, making the best business decisions every day with what you have.”

After that bit of wisdom, there were a few sniggers about the banks and automotive giants. The business owners in that room certainly weren’t looking for bailouts!

In my opinion, small business owners are better prepared than anyone to weather this recession. Bring it on.