Thursday, October 22, 2009

Reinvent Yourself

In many respects, small businesses get the short end of the stick. When companies cut back, small suppliers are usually among the first to get jettisoned.

When consumers cut back, it's the local businesses they tend to stop frequenting. And meanwhile, they're always striving to deliver more quality at lower prices than their larger competitors!

Back in 2007, I started to hear about small companies really suffering. Looking back, I think they were the "canary in the coal mine" of the Great Recession, which didn't hit in full until last fall.

And with credit still tight and consumer spending way below what it was a few years ago, there's no doubt that many small business (the ones who've survived) are still hurting.

It's good to know, however, that many entrepreneurs have powered through the downturn doing exactly what they're best at: Being creative, innovative and flexible. In my Smart Answers column today, I interview several small business owners who've been successful this year because they've changed their business models.

Earlier this week, I wrote about the risks of cashing out retirement funds to start a small business.

And on my podcast, management guru Michael McGrath discusses smart startups and how they can make good decisions.

2 comments:

  1. Reinvention is the name of the game in the creative fields. I keep taking classes and attending conferences to be ready for what my clients will want next.

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  2. That's why you're so smart and successful, Paula! I'm totally serious.

    ReplyDelete