Double Dip Recession a Possibility - What to do?

There is a lot of buzz in the press on the risk of a double dip recession. These fears are in part because we have conflicting economic indicators. Some look good. Others look bad. Some look really bad (employment). I tend to be cautious by nature and I think it would be wise to start preparing our businesses for another dip, or at least for a prolonged "flat" recovery.

So, how you you prepare to live to fight another day? There are some basics things you can do:

1. Invest in your company carefully - research the need for every expenditure.

2. Don't under-invest in marketing. I am a big believer in investing in marketing and sales while things look bleak. Just me.

3. If you think your company will need business financing this year - try to get it sooner rather than wait for it (but consult your financial expert!)

Item #3 is very important. We can assume that getting a business loan (or any form of financing like purchase order financing) will become more difficult if the economy does not improve. Therefore, getting your financial ducks in a row - sooner - rather than later will be very important. You should gather up all your financial data and discuss this with your financial adviser, CFO or CPA.


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