Despite the uncertainty of the economy, when it comes to spending money on your business for renovations, more staff, marketing or new equipment, many small businesses continue to take a very conservative almost cautious approach. For the immediate future it appears lean and mean is alive and well in the small business environment in Canada.
Although it is always a good idea to watch your costs, it shouldn’t come at the expense of investing in your business to make it more efficient or take advantage of an opportunity. Many small business owners are in a “do nothing” strategy right now, waiting for signs of economic improvement.
Some businesses, on the other hand, are investing for growth right now while their competitors are in the “wait and see” mode. New equipment, renovations or an increase in marketing can give you a head start on your competition as the economy improves.
As the summer of 2011 ends and we all get back to work, the smartest companies will continue to invest in the businesses and continue to move forward. Otherwise, competitors will see you standing still and make a move before you.