If you could put down those shotguns and crossbows, we’d appreciate it. Don’t shoot the messenger.
I strive to bring you the good news here at BizEngine, or at least good advice when no good news is available. I don’t think I’m doing you gentle readers a great service when I stick my head in the sand, though, so here goes.
With the global economy stumbling and bumbling, the deficit super-committee in Congress mired in partisan squabbling and a thousand background gears and springs groaning and popping, the Federal Reserve is saying there’s a better than 50 percent chance of a recession next year.
Gulp.
What That Means
I don’t think I have to spend a lot of time explaining what that means for your business. Many of you fought through the first recession and came out of it bruised and bloodied but not defeated. I can’t possibly commend you enough for that, and it is worth remembering that many small businesses didn’t make it through.
Obviously, you don’t want to take a chance with another recession. Consider setting aside some funding now, or at least making smart investments in the months ahead. Do what you can to set yourself up for a lean period, whether it be starting a big marketing push while the environment is still favorable or getting financing while there’s financing to be had.
I’m not suggesting you panic, because the Fed has been wrong before and “over 50%” is pretty nebulous. In fact, a poll of Wall Street executives found a much higher confidence level. You just don’t want to be caught flat-footed if problems arise.
Will you be preparing for the possibility of a recession, or are you confident one won’t be coming?
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