Lori Iwan

They say “when life hands you lemons, make lemonade.”  The same philosophy should be applied creatively by small business owners to take advantage of the financial conditions and possible slow down in their businesses.

Any event that generates extra time for a small business owner is a gift that should allow time to reflect on the business and think about business and personal growth plans and taking the business to the next level.

There are a myriad of ways to enhance a business when one finally has the time to give the project full attention.  For example, a slow down in business opens up time for the owners to modernize marketing materials and technology, to cross train their employees for greater flexibility, or to shore up their own capital either by accepting an open line of credit or accepting the many offers of new business credit cards that arrive daily for businesses based on sound financial footings.

These ideas are not unique to any one industry, although I apply them to the solo law practice I run, and I previously owned a small law firm that navigated successfully through the last economic slow down/market crash.

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