An Easy Way to Understand How Bad Our Economy is, and What You Need to Do to Survive and Prosper
It is a very complicated issue with many, many diverse factors affecting our economy, far too many to easily understand it or to discuss remedies, as is evidenced by the many opposing opinions we see every day from many very smart people. However, I will simplify it and give a quick view of exactly where our economy is and where it is heading so we as small business owners can plan accordingly.
Simply stated, our economy (in my opinion) is affected directly, and most intensely, by our huge unemployment numbers: 10-15% of our population is out of work. The percentage is higher if we count those no longer looking for a job or those working fewer hours/part-time or one job when they were formerly working two, and higher yet if we add in business owners out-of-business who were not counted on unemployment rolls, and even higher if we count students who were never in the workforce to begin with and now cannot get a job.
We have a huge economic problem that compounds and ripples throughout our economy. Fewer taxes are collected, more homes are going into foreclosure, fewer homes are being built, there are more bankruptcies... and on and on it goes, tanking our economy from within. It does not allow any growth to occur as no one has any cash to purchase goods and services, and many are facing personal catastrophe all over the country.
If we look deeper into small businesses, really small businesses (or micro businesses) with a half-dozen employees and doing less than a million in sales, and we see them closing up like clams, shut tight, waiting for something to happen and yet knowing that even if it does they are out of cash and can not reopen, cannot stock the shelves, cannot make the first payroll... in other words, they are permanently out-of-business.
It is being said that hundreds of thousands of jobs will never return, and therefore hundreds of thousands of the unemployed will remain unemployed indefinitely. This affects each and every small business owner out there and is the benchmark for our recovery. If nothing breaks the back of this massive unemployment, then better days for small business owners are far, far away and likely never to return to that state we enjoyed for so many years.
This means one thing to all of us. If you are still in business:
2) Reinvent your business to work in today's economy, whatever that means.
3) Do your debt workouts as one thing is for certain: the debt you took on when sales where high cannot be supported with revenues so low and if the revenues are not returning, what choice do you have other than to work them out now? Not modify, but eliminate. Not with bankruptcy, but with strong business strategies.
There is business to be done, but not on the same terms and conditions as before. Change along with the economy and you may survive. Ignore these requirements and you will perish. Yes, unemployment makes returning to yesteryear impossible and requires new strategies, but they exist. Use them, or become a statistic---and not a very good one.
Call us and we will arrange a no-obligation teleconference for us to evaluate your position and provide you with solutions.
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