Who will survive?

Business owners have to be strong, optimistic and provide leadership in difficult times.

Many businesses are going through very tough times with no end in sight.  But as we know, as bad a situation as people may be in, it can always be worse – much worse. 

Business owners who are…

Strong:  Have a solid balance sheet and manageable debt.  They have reinvested in their business, equipment, technology and they have planned in advance to weather economic downturns.

Optimistic:  Have continued to search for new opportunities.  They realize what has worked in the past may not work in the future, but are confident they will find a way to succeed.  They are willing to bet on themselves.

Leaders:  Have strong relationships with employees and managers.  They lead by example and people are willing to trust their guidance, and vision for the future. 

Business owners also need to seek good advice and make smart decisions to keep their businesses surviving until things improve. 

Or, in some cases, they might have to consider selling their company before the situation gets even worse.

Do you have a small business question you would like answered about this article or others?

Bill Sivell is a salesperson with VR Windsor Inc. [www.vrwindsor.com] 519-903-7807, which sells businesses to buyers across Canada and around the world. His 14-year career includes diverse senior management positions in marketing, advertising, sales management and operations management. His blog appears every Tuesday.