Although governments across the globe are beginning to appreciate the value the small businesses bring to an economy, this realization has come at a time when such ventures are experiencing immense financial difficulty. From 2008-2010 during the years of global recession between 2008 and 2010, a significant number of small businesses were lost to an unforgiving economic climate, which in turn led to a stagnated employment sector and diminished productivity.
This experience has taught invaluable lessons to firms that survived, however, with the result being that a number of small businesses are now far better equipped to consolidate their venture as the economy falters. The key to remaining solvent during a recession lies in implementing an integrated strategy for growth, and one that strives to cut costs while also laying foundations for the creation of new and independent revenue streams. (more…)