5 Things You Can Do Now to Position Yourself for Post-Recession Success

Good news! We're finally seeing evidence that we're moving out of the worst financial crisis many of us have ever experienced toward an optimistic time of recovery and eventual growth.

As a small business owner this is exactly the time you've been waiting for.

Why?

Because it's go time! Now it's time to position you and your business for post-recession success by doing these five things:

1. Invest in education.

Without spending too much, now is the right time to invest in any education you need to make your post-recession business a success. Attend seminars online as well as in person, read books and trade magazines, make sure you're reading what's on the cutting edge in your industry.

2. Pay off debt.

If you can pay off any debt, even the smallest amount, now is the time to do it. During a recession, it's normal to take on debt, however, now that the recession is lifting, don't add to it. Try to pay cash for everything you need. Put your credit cards in the freezer or cancel them and cut them up.

3. Go "Zen" on extras.

Now that money is once again flowing in our economy, resist the urge to splurge on extras you don't need. Think before you add any bells and whistles to your business or cell phone. Think carefully before you by new technology. Do you really need a Starbucks' coffee twice a day?

4. Hang on to your property.

While it may seem like a good time to sell your home or sell your business property, don't. At this point in time, you won't get top dollar and may still end up losing money. Instead, begin improvement projects that will enhance the quality of your home or office.

5. Don't cut prices.

Right after a recession, especially a long, drawn-out one as we've just experienced, it is common for small business owners to think that cutting prices will help them attract more clients and customers. Don't do it. Keep your prices as they are while offering your customers a coupon or a rewards program, to reward them for sticking with you during these tough times.

These are very exciting times we live in. We've just emerged from the worst financial recession most of us ever experienced. Much was lost and much was gained during this temporary economic crisis. Finally, we're seeing indications that the U.S. economy is starting to recover.

Now is go time. Now is the perfect time for small business owners to jump to action. Don't wait. Put into action these five things to position you and your business for post-recession success. You'll be glad you did.


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Dr. Susan L. Reid is a business coach and consultant for entrepreneurial women starting up businesses. She is the author of "Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success." Here website is Alkamae.