What are the three most likely mistakes that small- and medium-sized businesses make during economic downturns — and how can they avoid them?

The global financial crisis is cutting deep into the economy. Consumer confidence has hit record lows. Layoff announcements arrive daily. Against this bracing headwind, small- and medium-sized businesses need to batten down the hatches, weather the storm, and continue to seek new opportunities. To learn about the best ways they can outlast competitors and avoid knee-jerk reactions that turn customers off, Knowledge@Wharton, the Wharton School’s online business journal, has asked professors specializing in entrepreneurship and family businesses for advice.

 

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