Let Good Times Roll, But Plan For Hard Times

Boston Herald:

As we begin a new year, let’s gaze into the crystal ball and see what’s coming for small businesses.

Some things are clear. Health care costs will go up. Oil prices won’t tumble. The dollar won’t get much stronger any time soon. We will elect a new president. But what’s less certain is how any of this will affect you. Your best bet is to expect the best but prepare for the worst.

Small business owners marched into 2007 full of confidence and they are heading into 2008 with almost as much exuberance. Overall, 73 percent say they’re optimistic about the coming year compared to 75 percent last year, according to a survey by AllBusiness.com.

“Our audience has an extremely positive business sentiment. They expect it to be better in the next 12 months than it was in the last 12 months,” said Dan Silmore, AllBusiness.com vice president.

They’re concerned about the weakening dollar and keeping an eye on the credit crunch, but generally, they’ve been unfazed by economic pressures. Small businesses continued to expand and drove job growth last year.

Even businesses full of confidence for the coming year would be wise to think about what they will do if the economy dips into a recession.

The best time to plan for hard times is when times are still good and business is rolling along.

“It’s worth taking a half a day to think about it,” said Alice Bredin, founder of Bredin Business Information.

“The time to think is not when you’re getting calls from customers canceling contracts. You won’t be in a good frame to handle those things.”

Photo by MSDesigns.

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