Yet another benefit of this plan became clear today while reading Beancounter Blog (my favorite read for timely business financial advice). Today, Beancounter posted a list of ways your small business can survive a recession. Along with important advice on cash flow – such as keeping around cash, collecting debts, cutting expenses, and not buying ahead in bulk – Beancounter also talks about not focusing on growth over the next year.
Why, from an economic standpoint, would you ever not want to focus on growing your business? This is the time, he notes, “to hunker down and just wait out the storm. This will put you in the perfect position to make strategic growth decisions after the crisis is over.”
Whether it is for quality of your work, a good work/life balance, or for time to stock up on cash reserves and wait out the months ahead, we’ll be spending the next year focusing on quality over of quantity.