What are the critical steps do you think small business owners should take to survive through the period?
Anita Campbell: Some may have to raise their own prices, if their costs have gone up. Some may face the difficult decision to shut down their businesses. For instance, I just ran across this article, in which the business owner shut down her business temporarily (we hope it’s just temporary) and took a part-time position: http://smbceo.com/2008/08/05/candle-wax-rising-fuel-costs-zero-profit/ I survived through the Dot Com Boom and subsequent Bust of 2001. I keep watching for signs of weakness in Web 2.0 businesses, especially ad supported businesses. In 2001 I ran an ad-supported Internet business and saw ad revenues slow to a trickle very quickly, and not turn back on again for a few years. I think the times are different now (more and more advertising is shifting to the Web, whereas Web advertising was unproven 7 years ago), thank goodness. Good management and responsible fiscal control, with a focus on sales, will help small businesses get through any economic softness. SouthAsiaFai
