A business owner’s tips on surviving the recession

I came across this article that I thought I’d share with you. Until such time when the economy starts turning around, businesses, especially small businesses, need to figure out ways on how to survive the recession. Here are some tips from CNNMoney:

• Negotiate with your vendors – they might be more willing than you think to work with you. Opportunities present themselves during recessions.
• Consider new media advertising – this may present a better return than traditional advertising.
• Check your inventory – you may have to sell your products at a discount. One can survive decreased profits if there’s cash flow, but the converse is not true – if cash flow takes a dive, you’re in trouble.

Click here to read article.

Tags: CNN, CNNMoney, economy, entrepreneur, recession, small business