Capital One’s Small Business Growth Index reveals that 49% of small business owners in the U.S. are concerned about the negative impact of a recession on their company and 35% are worried about the impact of tariffs and trade wars on their overall success.
Despite these concerns, small business owners remain optimistic while still hiring new staff and are considering the adoption of technologies to improve their operations.
Here are three tips on how small business owners can put to good use their cautious optimism in driving their businesses forward.
- The first is to take calculated risks. Business owners must be willing to take smart, calculated risks and bold and thoughtful action that can help their company move forward.
- The second is to track and celebrate small progress and achievements every day. This can help improve overall motivation. It can be done by writing day-to-day successes in a journal or by tracking customer feedback.
- The third is to become comfortable talking about money and financial issues. Many entrepreneurs who avoid talking about money often do not know where to seek financial advice when they are facing an important stage in their business.