Even though the U.S. Small Business Administration (SBA) points out that independent enterprises are responsible for a significant portion of the country's economic growth and job creation, banks are still reluctant to extend credit and financing opportunities to small business owners. As a result, firms have been forced to change their strategies and adapt to the changing economic climate as a means of survival.
It's important for owners to anticipate what's coming down the pipeline and make the necessary changes within their operations to accommodate those challenges, explains Fox Business. While remaining flexible and adapting to circumstances is crucial, it's just as important that entrepreneurs don't overextend themselves by taking on roles which they aren't prepared to handle.
A significant number of female small business owners weathered the economic recession by adjusting their strategies, reports Gaebler, a resource for entrepreneurs.
"During the recession, women-owned small businesses did the best they could with the few choices they had available to remain open for business, and they're stronger today for it," said Patricia Greene, chairwoman of the Center for Women's Business Research.
One change companies can consider is their source of financing. While traditional banks have decreased loan approval rates, alternative small business lenders, such as cash advance businesses have continued to meet owners' needs.