I have been writing my advice to entrepreneurs on what they need to do to weather the current and near future economic storms. But just what are they all actually doing? A new poll from NFIB offers some insight.
Here are a few of the findings:
- 20 percent of small employers have reduced, postponed or cancelled a planned investment or reinvestment in the last six months; the slowing economy is the primary reason in more than half of these cases. They are becoming much more prudent in their resource commitments for expansion.
- Increased marketing and sales buy topamax 25 mg activity is a common strategy to combat an economic downturn. However, this is one of the least frequent approaches a small business owner uses. This is a big concern to me. Now is not the time to reduce marketing efforts!
- 44 percent of small business owners are spending more time at their businesses today than six months ago.
- Over the past six months, small business owners are highly likely to have become more attentive to their cash flow and inventory status. This is key, and should also include cutting overhead and debt.