Holidays give us pause to stop and reflect, and this Thanksgiving may be particularly poignant for many small business owners. As a sector, small businesses have seen credit lines curtailed or cut, the government burden of taxes and regulations has continued to grow, and sales have waned.
Still, there are surely many things business owners can be thankful for.
Customers. During these tough economic times, many customers have remained loyal. Some may have scaled back their spending, but at least continue to patronize your company. These loyal customers, and the referrals, good reviews, and word-of-mouth advertising they give, are now the basis for rebuilding as the economy improves.
Employees. During these tough economic times, some business owners have asked employees to make sacrifices—scaling back pay and/or hours and forgoing raises and employer contributions to 401(k) plans. Where staff has been laid off, remaining workers have been asked to do more, and they have!
Market share. As companies have closed, some owners may now find themselves with a greater market share than before the recession began. Survival of the fittest at work!
Bottom line. If you’re still here, you have the biggest blessing of all—the hope that the economy will continue to improve so you can grow your business and prosper.