Yea, yea, yea…we’ve all seen a ton of these articles lately that contain many of the same tips for surviving the economic crisis.  However, an article in the February Issue of Fortune Small Business caught my eye. The author, a small business owner, writes about living through several downturns.

I like his explanation of how dips in revenue, even as small as 10%, can have dramatic effects on profits, particularly when fixed costs remain inflexible.

I also like something he said which is, “You should always be looking for savings and efficiencies-not just when times are tough, but even when you are growing.”

And, because so many businesses are trying to keep up with growth, business owners just can’t stay on top of watching costs, or haggling with vendors, or investing in innovation and cost-efficient technologies.

One thing I would add to this list is the importance of seeking out the help of your employees and empowering each one of them to become a leader within your enterprise.  Seth Godin, one of my favorite writers on business and marketing, just released a new book on the importance of encouraging leadership in your enterprise.  This was an inspiring read for a business owner who’s also fighting through this recession.

What are some of the most creative ways that businesses have survived recessions in the past?

Posted by Tbird on February 12, 2009