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“The worst isn’t over. The worst is just beginning.
We all know that.”
        - US Treasury Secretary Henry Paulson Jr.
          February, 2008

Are we headed for recession? If you pay attention to the economic news, there is definitely plenty of reason to be worried about that possibility. Mark Zandi, chief economist and co-founder of Moody's Economy.com sees the economy contracting and expects to see a recession this year. Federal Reserve Chairman Ben Bernanke recently pointed to slowing economic growth and projected a rising unemployment rate from 4.6 percent last year to a likely 5.3 percent this year. Recent Associated Press reports indicate that more and more economists foresee the country falling into a recession, according to the latest survey by the National Association for Business Economics. Currently, 45 percent of the economists on its forecasting panel expect a recession this year.

Whether or not we’re entering a recession, it pays to be prepared for that eventuality. It’s time to batten down the hatches and figure out ways you and your business can weather this gathering economic storm. Many business people have already noticed that consumers are tightening up their purse strings and slowing down their spending. If you don’t take proactive action right now, you could be in for some serious belt-tightening yourself.

Changes in our economy and the overall financial climate will be affecting your business for the near and possibly long-term future. What you do now will affect not only the profitability of your business in the short-term, but perhaps even the very existence of your business in the long-term.

There are steps you must take to protect your business and your income so that you will survive a possible contraction. By taking protective action now, you can make your business, and your economic livelihood, recession resistant. This is a time to hunker down and protect your business from decline. It is also an opportunity to do some strategic thinking about ways to build your business in the long term – the things you talk about doing but never do because of not having time to do them. Most importantly, this is your chance to strategically reassess your business direction and implement important but necessary changes. If you are up to the challenges, your business can actually become stronger during this time of economic downtown.

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