The small-business owner was shaking his head and would doubtless have been wringing his hands if he hadn't been holding a newspaper. We were both early arrivals at the business breakfast at which I was to give a 15-minute talk. They don't get their clothes cleaned as often.
Business owners take fewer risks, spending less on marketing, research, development, and wages.
Businesses like George's, which rely on discretionary consumer spending, are especially vulnerable. In fact, compared to big business, it's harder for most small companies to sustain operations during a decline, though their greater agility can make it easier to shift gears. Some believe that recent evidence of an upturn in confidence does indeed augur well for the economy, while others expect confidence to cycle downward again as stock-market realities catch up with consumers. That's why a small business needs a strategy for all seasons. Small Business Builder is published on Wednesdays.