Talks vary as to if our country is in a recession or heading for a recession depending on which expert you listen to these days. Certainly the mortgage industry has taken a large negative hit. Does that mean that all companies, big and small, will suffer damages beyond recovery? Are you afraid that your small business will not survive a recession? Have you taken any steps to avoid any pitfalls that may come your way?
Continued rising gas prices and high inflation are causing real problems in the United States, but our economy is still strong in many ways. Nationwide, we still have high employment rates. These rising costs are and will unfortunately continue to be passed along to consumers. The credit crisis has found its way from Wall Street to Main Street USA. Banks are poised to offer financing, but with more limitations and stricter qualifying standards.
Small Businesses have a unique opportunity that larger businesses have difficulty in maintaining….a personal connection to their customers. If we are in a recession or one is looming, people will still be making purchases. It is up to the small business to cater to their customers needs so that their customers will return their kindness with return business. When customers come into your small business, steps should be taken to personalize the service offered. Become a partner with your clients, not just a vendor.
Check back on Wednesday, for part two of this post.
