How small businesses can succeed during slow times

Financial Post | Business

If you run a small business, you are probably run you off your feet. And, that’s especially true during hard times.

In British Columbia, the majority of businesses are small — mom and pop shops of fewer than 50 people and micro-businesses, which have five or fewer employees. These businesses fight for survival during lean times and juggle cash-flow problems and expenses during the good times.

Either way, small business owners have to work hard to make it, especially when they don’t have deep pockets to begin with. However, there are ways to survive and even thrive. The key is focusing on what you can control.

So, rather than feel demoralized when hearing about the difficulties small businesses face, turn your attention to the aspects of your operation that you can change.

For example, contain costs by eliminating or reducing expenses. But do it strategically. Be sure your cost reductions…

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