While I maintain that this is a good time to start a new business or to expand an existing one, I am not painting the rosy picture about our economy that is portrayed by some news media. Inflation, for one thing, I don’t think is under control. Figures can be manipulated but those of us who buy groceries know that the cost are still rising. It isn’t just groceries, but school tuition, city and state taxes, clothes, etc. Another indicator is the high unemployment rate; all the hype of job creation has still left us with a higher unemployment rate than we had a year ago. In my opinion, the Consumer Price Index is not a true measure of our current condition.
Why am I writing about this? It is not to cast a negative on the future success of a small business, but to make the small business owner aware that caution, accompanied by proper planning is still a requirement. Conserving cash and watching a budget will help insure your future.
This blog came about after a meeting with a client this morning that was over optimistic about our recovery and wanted to expand his business based on future income; I just covered that topic in my previous blog! Yes, he agreed reluctantly, to stick to his budget, and we would revisit his expansion plans in six months.
Planning for future growth is very important, but the implementation has to be in small steps that are backed by actual market experience.
” I never could have done without the habits of Punctuality, order and diligence… The determination to concentrate myself on one subject at a time:”
Have a great day!