by William Bartholomew

Created on: March 17, 2009

As a small business owner for fourteen years I thought I had a good idea of the ups and downs of the economy. There were times that things were a little tight and there were times where I had money to burn. Although there were signs of the looming bad economic struggles ahead I figured it wouldn't get too bad. As I've done in the past I cut back a bit on some expenses, looked for ways to be more efficient and tried harder to get more new clients. That all changes when now I make 50% less than I did a year ago.

Now with 20/20 hindsight I can see various flaws in my thinking and can only hope to have a chance in the future to improve my business by learning from my mistakes. The biggest mistake I made was not realizing how bad the economy could really get. By not understanding the potential downturn I was not prepared to handle the budget constraints that would inevitably arise. So now for the first time I've had to let an employee go because I simply cannot afford my current payroll. In a typical economic slowdown my past practices would have sufficed and everyone would've kept their job.

Today I have a new appreciation for every customer and every order they place. Now don't get me wrong, I've always appreciated who puts food on the table. Now, I make sure that my customers and employees understand that appreciation even more so then before. As everyone is feeling the pinch, the simple fact that they are willing to give me some of their money for my services is heartening. My job now is to ensure that I don't squander the opportunity to keep each and every customer.

Now everything isn't all doom and gloom. My current economic situation has offered me an opportunity. My opportunity is finding the "little things" that have been wrong with my company and fix them. I've adopted a back to the basics approach and I'm now logging more face-time with my clients and assuring them that I will address any issue that they have or may have had and that I appreciate the fact that they are still my customer. Although I cannot change the national economy I can stimulate my personal economy. What this boils down to is hope, I have a set of problems that I can fix and the ability to fix them gives me the hope I need to push forward and work my way out of this financial pitfall.

It is my belief that as Americans adjust to the new reality the spirit that made our country strong will fuel the rebound of our economy. Because lessons are best learned through a series of mistakes this financial setback will ultimately make us stronger and more resiliant. Hope is a powerful force and it is the belief in ourselves and the hope of a better tomorrow that will turn the tides and put America on the road to recovery.

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