your industry. Build your plan to take advantage of opportunities (e.g., buying a distressed competitor), which tend to crop up during an economic downturn. Look for potential deals and terms from suppliers. It’s also important to beef up marketing and cultivate relationships with existing customers.
Finally, remember that your business plan is never done. It’s a living document that should be reviewed quarterly and tweaked to include up-to-date information.
With a staff of six and revenues of approximately $250,000, a 500% increase since expanding, Norton’s business has continued to grow even in a sluggish economy. She plans to create a West Coast operation and feels she now has the right tools to do so. Norton will take it one step at a time because she knows, “it always takes longer than you think.”