Sustaining a small business comes before expansion, because the battle isn’t with recession, it’s the coping with recovery. The effects of inflation felt by your customers ensure a rationale strategy often needs to go beyond any traditional bank overdraft. Undertake innovation in strategic steps:
- Think True Cost. Evaluate the value of your business, not a valuation but the true cost to you. It’s not unknown for businesses to have been built from nothing, therefore, for any functioning small business; there are solutions which may be of value when challenged by changes. Negative economic news tends to block innovative thinking and give out negative responses but not all solutions cost big money.
- Wake Up. Evaluate where your money is going and who the business is paying out to? What are the long-term benefits to the business in those expenditures? Will the business be sustained by those payments? Question if those payments are sustainable six months or a year down the line, for whatever the business plan is.
- Take Advantage. The one certainty is change, which, using a strategic approach, means as opportunities arise the business could be positioned to take advantage. This in turn opens up new opportunities and goes towards sustaining the business. Resources, usually underpinned by liquidity or cash flow, give a business advantage for more innovation.
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