In fact, some small business owners got complacent. People have been caught up in the euphoria of the economy and taken their eyes off the ball. Better wise up. With the wild machinations of the stock market this summer and turmoil in Asia and Russia, it might be time to take off your dancing shoes and head for home. N.Y. Traditionally when hard times hit, people put off buying homes, cars, furniture and traveling.
Businesses stop building and often delay nonessential equipment purchases.
Related industries suffer, while clothing, food and pharmaceutical companies tend not to feel the blow. Successful businesses that have gotten too cocky may become vulnerable even if the economy doesn't weaken. So whether or not a recession is near, you should revive that fastidiousness about your business which you may have let slide during the good times. Focus on your customer. Rethink what you're doing and how you can do more and remain profitable.