How Small Businesses Can Clear the Economic Hurdles Ahead
Summary
Small-to-midsize business (SMB) owners can navigate economic uncertainties by focusing on efficiency, flexibility, and strategic investment. Taking control of supply sources, costs, and cash flow is essential; this includes stockpiling inventories to lock in costs and developing strong vendor relationships. Maintaining financial flexibility involves securing reliable financing and negotiating favorable credit terms. Investing in growth, mainly through technology, can enhance efficiency and productivity, provided decisions are backed by solid return-on-investment analyses. By concentrating on controllable factors and maximizing operational agility, SMBs can better withstand shifting economic landscapes and position themselves for sustained success.
Kiplinger
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