Confronting a decline in the economy
In an article entitled Panel offers survival tips for small businesses, Laura Copeland wrote recently in The Tennessean newspaper about the economy and the various ways to deal with the issues facing the world.
It’s a dry old subject I know, but it affects us all.
While in Nashville for the IBMA World Of Bluegrass Convention and Fan Fest, I had occasion to wonder about what we were doing and the costs involved. Apparently, those in attendance plowed nearly $4.5 million dollars into the local economy. That’s great for Nashville, but what were the costs to us individually? For me it was sometimes a surreal experience.
All of the people at the IBMA Convention are small businesses, or part of one, and many will have thought deeply about the consequences of attending or, on the other side of the coin, not attending.
Subsequently, each will have assessed how good it was for their business.
Economists have voiced their opinions and the experts have predicted a worsening of the situation or opined that it will be 2010 before the financial situation improves. Either way, those professionals in the bluegrass world have challenges to face.
The article can be located on The Tennessean web site.
I will leave you to pick out the salient parts and apply what is relevant to you and your situation, but the closing paragraph offers solid advice for good times or bad.
Know all aspects of the business. Manage them well. Be open and flexible. Seize opportunities. Take smart risks. Do all these things and a business can thrive even in tough economic times.
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