Before the New Year, Loten outlined the bold moves being taken by some entrepreneurs in light of these signs of improving markets. One of the main indicators of an improved economy, he argues, is that leaner-meaner staffs have been pushed to the limit and hiring is slated to increase. Small business owners have cut back each year for several years, and there might not be any more cuts left to make. Accordingly, bolder managers will increase spending to break out ahead of the pack in terms of attracting good talent at lower-than-2006 prices and growing market share before more conservative competitors.
Remember, your intellectual property is valuable. As you prepare to apply for financing, be sure to include those intangible aspects of your business that give you an edge over your competitors. This will make you a better bet for lenders, and may give you more leverage for getting a good rate.