Are You Ready for Economic Cycles?

There is an abundance of advice in the world for preparing your business for disaster recovery. There are companies that will automatically back-up your computer and keep files on a third party server, such as Mozy and Carbonite. There are services, such as Dropbox and Google Drive, for storing files on third party servers. Passpack and Roboform are programs for storing and managing passwords. 

Take a moment and consider this question: Have you ever prepared for an upswing in the economy? When was the last time you reviewed or updated your business plan, marketing plan, and financial plan? What adjustments should you make in your business to prepare for a turn in the economy? Not only can you prepare for a positive turn in the economy, you can also prepare for the down economy that follows the positive economy.

On average there have been 66 months between economic peaks since World War II and in recent years this has stretched to an average of 106 months. The last peak was in December of 2007 so sometime over the next few years we are likely to hit an economic peak and then a decline so it seems worthwhile to prepare now.” ~How to Get Ready for Economic Cycles by Gregory V. Milano, co-founder and chief executive officer of Fortuna Advisors LLC, a value-based strategic advisory firm.

 

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