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Women Entrepreneurs: Position Yourself for Post-Recession Success
Susan L Reid
Great news!
Have you heard?
We're slowly moving out of the worst financial crisis many of us have ever experienced toward an optimistic time of recovery and eventual growth.
As a woman entrepreneur, this is the time you've been waiting for.
Why?
Because it's go time! Now it's time to position you and your business for post-recession success by doing these seven things:
1. Invest in education.
Without spending too much, invest now in any education you need to make your post-recession business a success. Attend seminars online or in person, read books and trade magazines, and make sure you're reading what's on the cutting edge in your industry.
2. Pay off debt.
If you can pay off any debt, now is the time to do it. Taking on debt during a recession is common. However, now that the recession is lifting, don't add to it. Pay cash for everything you need. Put your credit cards in the freezer or cancel them and cut them up.
3. Go "Zen" on extras.
Now that money is once again flowing, resist the urge to splurge on extras you don't need. Think before you add all the bells and whistles to your home office or cell phone. Think before you buy new technology. And do you really need that four-dollar latte twice a day?
4. Follow the market.
Read the papers or watch the news. Know what is happening in the market, and stay on top of it.
5. Renew contracts.
Have your new clients sign long-term contracts and your current clients renew or extend their contracts with you.
6. Hang on to your property.
While it may seem like a good time to sell your home or business property, don't. At this time, you won't get top dollar and may still end up losing money. Instead, begin projects that will improve the quality of your home or office.
7. Don't cut prices.
Right after a recession, it’s common for small business owners to think that cutting prices will help them attract more clients and customers. Don't do it. Keep your prices as they are while offering your customers a coupon or a rewards program to thank them for sticking with you.
These are exciting times we live in. We've just emerged from the worst financial recession many of us have ever experienced. Much was lost and much was gained during this temporary economic decline. Finally, we're seeing evidence that the U.S. economy is starting to recover.
Now it’s go time. Now is the time for women entrepreneurs to jump to action. Don't wait. Implement these seven things to position you and your business for post-recession success.
You'll be glad you did!
Copyright © 2011 by Susan L. Reid
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