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1 Commit to Making Your Business a Success

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As the owner of a business, you are in a unique position. You have already devoted your time, resources, and energy to creating and growing your company. When the challenges of a tough economy occur, it can seem frustrating, as conditions beyond your control start to erode the strong foundation you have built. For example, customers may order less because the overflowing budgets they used to have no longer exist.

To make matters worse, even if you want to leave your business, that doesn’t mean the stress will go away. Folding a company is sometimes as difficult as starting. You have to decide how to leave, what to sell, what to negotiate and in the end, you may still be left with a lot of debt and possibly even continuing expenses.

Many small-business owners waste time when their business starts to wane trying to decide what to do next. Instead of solving the problems and facing the new challenges, they waste their time thinking about whether or not they should get out. They sometimes second-guess whether they should own the business at all.

Some owners go as far as to research how to sell the business (which can be difficult and require a great deal of financial preparation), or even worse, they immediately look for a job outside the business to make ends meet. In the end, these tactics stretch already strained resources. There are plenty of examples of successful businesspeople who only achieved success following many failures; for instance, Walt Disney went bankrupt before the Disney we know today succeeded.

However, it is not possible to execute two opposite plans effectively — the company must have only one direction and it is necessary for you, the owner, to decide which direction to choose. Commit, succeed, and grow; or quit, fail, and close. You can’t do both.

19 Ways to Survive in a Tough Economy

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