Small Business Owners Sensing the Downturn? Create a Strategic Plan!

A recent release from Wells Fargo details how small business owners are feeling the recession, and it’s taken a significant chunk out of their optimism.

The release, titled “Small Business Owner Optimism at Five-Year Low” says that the latest 35 point drop in the Small Business Index brings it to an all-time low, spelling out major concerns for businesses. What are the major worries?

• Small business owners’ present revenue situation
• Future expectations for cash flow and financial situation

According to Wells Fargo’s senior economist, this doesn’t speak well for a swift recovery from our current course. On a positive note though, the report did mention that while business owners are concerned about their future, they feel successful.

So, What Does this Mean?

• If you’re a small business owner: Having a plan you can act on is imperative. Your strategic plan wasn’t likely crafted during a downturn, so a recession-plan is essential right now. Visit MSP’s free recession planning toolkit for more info.
• If you market to small business owners: Let them know you’re here to help them make it through this downturn. Any message of security or loyalty is welcome during a downturn
• If you’re a friend to a business owner: Buy them a beer & do your best to spread the word about them. There’s no better time to be supporting our local small businesses!

Like we’ve said, this downturn will pass- but very few of us will get through it without having to make quick decisions and some pretty tough ones. Having a great strategic plan in place now is the best step you can take for your organization.