Great post, Matt. Here's another telling finding from that survey: "a decrease in the number of small business owners who see economic conditions for their businesses improving in the near future."
Many consultants and marketing gurus - the ones who "think" they are smartest – suggest that now more than ever, you need to sprint like a hare, expand your territory, increase marketing spending, and distance yourself from the competition. Bah! While a pessimist would say "things can’t get any worse," an optimist would say "Oh yes they can." It is actually counter-intuitive to SPEND right now, unless you have a clear site line to ROI.
Small biz owners that want to weather this economic storm might take a cue from turtles. While you don't need to climb into your shell and wait for business to improve, some cautious business retrenchment is in order. Live right side up, prepare for shell side down. Do plain little things. Realize that sometimes it pays to be slow or a little late.
Along the lines of this turtle versus hare metaphor? In controlled tests, turtles have lived in nitrogen environments for 33 HOURS, while most animals cannot live more than 30 minutes in one. Green turtles can migrate more than 1400 miles to lay their eggs. Even tiny turtles hold tight to twigs to prevent themselves from being washed away in a strong current. When business looks wobbly, hold tight, hold fast, and hold out. Keep plugging along, but slow down your pace a little so you can clearly see what lies ahead. There is truth to the old adage, "success is largely a matter of holding on after others have let go." The slow and steady turtle, not the wild, speed demon hare, won the race. That's the nature of business.
Matt Bandyk, a reporter for U.S. News, explores capitalism from where it all begins, with the entrepreneur, whose risk taking and experimentation provide the roots from which the rest of the economy grows. As much courage as it takes to create one's own business, even the entrepreneur needs some help, and this blog will look at news, trends, and practical advice for starting and running a small business.
Kirsten Osolind of CA @ Jan 27, 2009 11:49:12 AM
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