Topic Teasers Vol. 129: Preparing for Recession
I am the project manager in a small business? Oh, wait…I’m also one of the owners. My partners and I are concerned with what we read and hear in the news about a possible upcoming recession. We’re not sure how to adjust our projects and our other business practices to have the best shot of surviving if an economic downturn occurs. How can I use my project management skills to set up a “Live Through It Successfully” project?
A. Since you are a project manager, be sure you have a fresh and updated resume. Small businesses do poorly in recessions, so plan for yours to fail. Apply for positions at only medium- and large-sized entities to ride out the dip in the Dow. Perhaps you can open another business in a few years when there is a more positive financial environment in which to operate.
B. When an economic downturn is on the horizon, this is the time to sell a business if you are an owner, raise prices if you are a sales manager, and find a large part of your business to involve in something that will be a tax write-off if you are a project manager. If you can’t make a profit, at least you can hopefully save enough from your state and federal taxes to break even.
C. Only small businesses are at risk
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