This month we are celebrating Women’s History month, and our focus has been on Women Business Owners. I had some fun stuff all laid out to talk about. However, I have chosen to pivot on my original topic, given the current economic situation. Of course I will focus some on women, but our main goal at Rooted Planning Group is to help everyone. And during this time, we want to help prepare our fellow small business owners, and clients in general, for this possible downturn or any future downturn. Being financially prepared for these types of situations is one of the most important things we can do.

To begin, here are a few statistics on small businesses in the United States:

47% of U.S. workers are employed by Small Businesses
- There are around 157 million workers in the U.S.
- 47% would account for 74 million workers
There are around 30 million small businesses in the U.S.
- 12 million of the 30 million are owned by women
Only 50% of small businesses survive 5 or more years
19% of small business owners work 60 or more hours per week
Female-led businesses have grown a spectacular 58 percent from 2007 to 2018
Top 5 Woman Owned Small Business Industries:
- Health/Beauty/Fitness
- Food/Restaurant
- Business Services
- General Retail
- Education

As a small business owner, below are some steps you can take to be prepared:

Remember our best resource, our employees:
- Hire the right people from the beginning
- Ensure everyone is clear on the mission and their purpose
- Communicate, Communicate, Communicate
Ensure Money is Available when Needed
- Build up a savings balance for cash flow shortages
- If financing is needed, secure a line of credit before it is needed
Postpone Large Purchases
- Be disciplined in large purchases, do not overextend at any time
- Always complete a Return on Investment
Continually Analyze Expenses
- While we value our relationships with our vendors, continue to monitor these expenses and do cost comparisons often
- Cut any unnecessary discretionary spending
Business Continuity Plan
- Do you have a plan?
- If you do, this would be a good time to evaluate and update the plan