Small Businesses Performing Well Despite Economic Downturn

The  economy may be unfavorable, but small businesses aren’t doing as poorly as some would expect. In fact, the majority of small businesses are doing quite well. According to the Small Business Success Index* (SBSI), an ongoing study of U.S. small businesses, “nearly 70% of small businesses are actually projecting revenues that are at or ahead of 2007 levels, despite the economic situation.” So, how are these businesses performing well when so many larger, more affluent companies are suffering?

The answer is easy. Many small businesses have the skills necessary to endure and excel in a recession. They are accustomed to having limited access to capital, so they already know how to operating efficiently, while spending conservatively. The SBSI further explains, “Among ten long-term business goals, small business owners are the most successful in minimizing costs and reducing risks. Half are highly successful in doing this.”

To view other findings from this study , please go to the Small Business Success Index Highlights.

*The Small Business Success Index, an ongoing measurement of the overall health of U.S. small businesses, was commissioned by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business. To take the survey yourself, click here.

What Not to Do When Starting a Business

The recession has been harsh on many U.S. businesses. Last December, I posted Starting a Business in a Bad Economy May Not Be a Bad Idea. This article listed the benefits of starting a business during the economic downturn. Recently, I found another blogger’s take on the same subject matter.

In his article, 20 Things Not to Do Before Starting A Business, Dane Carlson suggests taking the less traditional route to starting a new business. Although his suggestions may not be applicable to all types of businesses, he does bring up many valid points.

Don’t Let the Recession Prevent You from Following Your Dreams

Here is an excellent article on how to deal with the recession in the most productive way possible: http://www.cnn.com/2009/US/03/16/bregman.economy/index.html. We hope this step-by-step guide will inspire you to set your fears aside and go after your perfect job or make the career change you’ve been daydreaming about for so many years.

5 Good Things the Recession Helped Us to Do:

1. Become more passionate about what we do – even if it requires a career shift.
2. Go back to school.
3. Try out new, more effective advertising methods.
4. Spend more wisely.
5. Improve customer service.

The Recession Brings New Opportunities for Home Buyers

In the past months, we’ve mentioned many casualties of the economic downturn. Day after day, there was something negative. Recently, however, good news has begun to emerge. People are starting to acknowledge that opportunities can arise during a recession. Here’s an example of how one consumer uses the recession as an advantage when house shopping:

http://www.cnn.com/2009/US/03/08/foreclosure.sale/index.html

You Can Start a Business during a Recession

The economy may be struggling, but not every business is affected by the downturn and not every entrepreneur is letting it hinder his or her dream. In fact, some of the biggest names in the business world got their start during an economic downturn. This CNNMoney.com™ article lists six corporate giants that emerged during a recession: http://money.cnn.com/galleries/2009/smallbusiness/0901/gallery.founded_in_a_recession.smb/index.html

What Are You Doing to Save Your Business?

Many small businesses are facing several obstacles as a result of the economic recession. Every business owner has his or her own method of dealing with these obstacles. See how one couple chooses to cut back in order to save their small business: http://www.cnn.com/2009/LIVING/02/05/economic.survivor3/index.html