By Ivan R. Misner, Ph.D. and Kevin S. Taylor, MBA

Many of my esteemed colleagues have recently indicated that their businesses are at risk of failure. Indeed, this is an endemic issue in times of recession. In turbulent economic times, the economy has an adverse effect on everyone. This recession is particularly difficult as the world is much more intricately weaved than in recessions of the past. We are in a global economy; thus, our economy has a global impact.

When the economy is slow, new business is harder to get. A bad economy; however, should not be an excuse for failure. Thomas Edison once said, “I have not failed. I’ve just found 10,000 ways that will not work.” In recessionary times, even the best laid plans need to be revisited. Indeed, a poor economic climate can successfully be used as motivation to grow your business even more! What can you do to build your business in a recessionary economy?
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