We’ll it’s official, we were not in a recession in the first quarter of 2008! GDP numbers released today show growth of 0.6%. That’s better than expected macro economic data. But what does it mean for you and you’re small business. First of all, microeconomics (i.e. your business) is much different than macroeconomics. I know businesses that are experiencing growth in excess of 10% per year. Obviously if the larger economy is having a slowdown it could have some impact on your business. But it is more likely that if you’re business is having problems its because of the fundamentals. A bad balance sheet, poor branding and marketing strategy, non-existent systems, etc. If things are slower for you then that gives you additional time to focus on the fundamentals of your business. If you don’t then maybe you should focus on an exit strategy. Just don’t blame it on the “economy”. Good businesses are not killed by cycles.
