Tough Time For Small Business?
Most people would say that these are tough econimic times for small business, where some of that is true to some degree.
Small business, as well as most business, small or large, survive off of what we call consumer disposable income.
Simply put, disposable income is the money consumers have to spend after they have paid for the essentials of life.
This is called discretionary income. These are the things we need to pay for such as our mortages, health insurance, gas, etc.
Disposable income are those things we can afford to “not” purchase such as a latte from Starbuck’s, vacations, movies, etc.
It was announced today that Starbuck’s will close 600 of its stores in the coming year. That is bad planning on Starbuck’s part.
All business is subjected to the rise and fall of dispoable income where I strongly reccomend writing a business plan for your business.
Whether your business is small, medium, or large like Starbuck’s, you need a plan.
Even though you have been in business for years or are just starting out in business, you need a plan.
A business plans allows you to manage exepenses, develop strategic marketing plans, and more imprtantly, a business plan will help you survive these tough economic times.
Don’t worry, things will get better, they just will. But, you have to be able to survice unitl things get better.