This article are provided for information purposes only, and are not intended as legal advice.


Business opportunities in tough times

November 24th, 2009

Many business owners have reduced overhead and cut back on staff where ever possible.  The stock markets are going up, politicians tell us the recession is over but are small business owners optimistic?  Many are complaining that the banks are not lending them very much money.  Many banks do not want to look at new business and they themselves keep reorganizing staff and downsizing.  With sourcing of financing shrinking, customers cutting back on orders, your revenue is down, are you still profitable?

 

In tough times, many firms have done what they could cut back but they are still in business but barely.  Now is the time for reflection. Do you want to still keep in business, do you want to merge, do you want to work for another firm?  These are all tough questions but many people are seriously starting to look at all options.  Are the solutions permanent or temporary?  If you are a business owner, do you really want to work for someone else or are you doing this to get cash flow and when the times improve, you will go back on your own?

 

This raises the question from the prospective employer, if you see a resume of a person who has been working for themselves for 20 years, should you interview them and possibly hire them or do you think that they are here only for the short term and will go off on their own and possibly take some of your clients?  If everyone thought like this, it will be difficult to find a job however there may be business owners out there who will see your background as an opportunity to get good help, even for the short term, learn how your competitor did it, see if you can improve efficiencies and do a better job.  In effect, you may get this person for free because they can either bring in business or show you how to reduce expenses so that your marginal costs of paying this former competitor now is insignificant because of all the benefits that resulted from his or her employment.

 

Tough times may make interesting opportunities for both the business owner, those looking to buy a business and get good help and employers.


Filed under: Business strategies — Gary Landa @ 9:46 am


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