It seems to be the consensus among business and political leaders that our economy is worse than it has been in generations. Statistics, for what they are worth, prove it. In other words, most of us have never seen anything like today’s economic crisis, and there isn’t much in our own experience that gives us guidance in our business
decisions. A recession such as this requires a shift in our thinking, our planning, and our decision-making in
order for our business to see the light of day at the other end of this economic cycle.

Economic cycles, by the way, are usually long. The common chatter heard from talking heads and prognosticators is that we should see the beginnings of a recovery in 6 months – or 9 months – or 12 months – or 18 months, etc. The truth may be that we are in for a longer ride than we optimistically expect. (For example, economists generally agree that we were in a bear market cycle from 1966 to 1982 – a period lasting 16 years; and that we experienced a bull market from 1983 to 2000 – a period of 17 years.) If history is our guide, the recovery might not come quickly. Fixing the global mess will probably take years.

So, as small business owners and entrepreneurs, what do we do and how do we survive? For what it’s worth, here are my Keys to Survival in today’s economy:

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