Is your small business ready for a rising economic tide in 2014?

According to all the economic prognosticators I’ve heard lately, 2014 will be the year when the U.S. economy finally gains serious momentum and puts the long-lingering after-effects of the Great Recession behind it. My question for you today is whether your small business is ready for better days in 2014? Are you really prepared? After years of just trying to get by, it can be hard to shift gears and think about what you’d do if times really did get better.

Have you put plans in place to react if you begin to see signs of an uptick in business? Do you have a marketing strategy that will enable you to gain maximum benefit if customers begin to loosen up on their spending? Have you got a good idea of where you’d need to do hiring if business improved significantly? And do you have a strategy in place to find qualified new workers in case you need to take on new people? Have you thought about how you’ll reward the loyal employees who have stuck with you during what may have been some pretty lean times over the past few years?

If you’re in a B2B market, have your talked with your clients about what they see coming in 2014 for their own businesses so you’re prepared to help them meet their goals? Are there new products or services you’ve been wanting to launch but lacked the wherewithal to do so? If so, what plans do you have in place for a launch once you’re in a better financial position?

These are just a few of the many questions to consider as we enter a new year that the experts say could be filled with the first real good news many businesses owners have had in years. The old adage that the early bird gets the worm comes to mind. Don’t let your competition get ahead of you when it comes to taking advantage of improving market conditions. Be ready to meet the needs of your customers, both old and new. (At the same time, don’t forget the frugal ways that helped you survive the past few years; don’t take your eye off expenses or make big purchases without good evidence that you will have the business to support them.)

Here’s hoping the business economists are right about 2014. And that you’re ready to take advantage of the rising tide should it come your way!

1 comment

  1. Better be prepared for the worst. Study and analyze your business performance for the past year, analyze KPIs and terminate ineffective marketing campaigns. Wishing the best of luck to everyone this 2014!

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