When you first open your business, you may be full of optimism. It may even be a smashing success for the first few months or even years. However, every company faces difficult times.
Today’s business world is extremely competitive. There are fewer barriers to entry, and it is easier for anyone to build a website or sell products online through marketplaces like Etsy or Amazon. In an ideal world, strategic planning and strong leadership could prevent a rough patch from happening. But, as a business owner, you may know firsthand that some factors are simply out of your control. The economy could take a turn for the worse or the market could shrink. It’s not a matter of “if” tough times happen, but “when”.