With the reports of Circuit City and DHL this morning, it has some more nervous than ever.   DHL has announced that they are shutting down all ground transportation. DHL was quoted as saying that they are hoping “to prepare the company for economic challenges ahead”.  On this same morning, Circuit City announced that they are filing for Chapter 11 bankruptcy protection.

So in light of all of the changes in our economy, how are you preparing yourself both professionally and personally? 

As a small business owner and operator, I find myself trying to gather all information and taking a good hard look at my plan.  In times of recession, it is very important to do the following:

  • Live within your means – learning to live and work with less is very important as the economic recession continues
  • Pay off all debt and build savings – attempt to pay down as much debt as possible while still building your savings account. I have been attempting to pay cash only when possible for personal purchases, and also keeping the business purchases to “must have” only
  • Enhance customer service – be sure to keep your current customer base satisfied
  • Review and revise your business plan – you should already do this annually, as the New Year approaches, it may be time to make important changes to reflect the current economy
  • Be proactive, not reactive – it is very important to plan and not panic

So what changes will you make today to ensure your safety and security?