State of economy for small business owners

My mind is going in a million directions right now. I’m not sure what to think or even what to write about concerning recent events in the stock market. It’s certainly hard to ignore.

As small business owners, the best thing I can do at this point is give you a few words of wisdom and encouragement during these difficult times:

Call in your financial power team.
Perhaps it’s time to take a good look at your overall financial situation. Call in your financial advisors, accountants, money managers, etc. to give you a report on how you’re doing and help you assess your spending habits.

Be frugal.
Saving is the key. I’m not telling you not to spend money, but I’m simply reminding you to save for a rainy day. If you don’t immediately need it right now, think twice before purchasing. It’s better to have some money in savings and be cushioned than to spend it all and have nothing when the rain pours. However, be sure you aren’t holding back too tightly. Sometimes you have to spend some money in order to make money.

Don’t obsess.
People at the news stations are paid to deliver news. They are all sitting in their comfy jobs and receiving their regular paychecks in exchange for giving you the economic news of the day. Always remember that fear and embellishment sells. I’ve lived through numerous hurricanes and have seen the way reporters grossly exaggerate reality on the ground.

There is still money floating around in the world.
People still need to buy and sell shelter, clothing, and food. Despite the economic situation, I’m guessing there are still long lines at the Disney parks and cars still parked at malls.

Market, market, market.
The difficult times are when you need to market the most. Don’t forget to market your business and be creative about bringing in clients.