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. Continue reading