In the world of public corporations, the declines we’re seeing in many industries prompt immediate reactions.  Contingency plans are triggered at pre-arranged percentage decreases in orders, revenue or income.  Actions are taken quickly to protect quarterly results and the all-important share price.  I believe private companies should have contingency plans too, based on the owners’ needs to sustain their business through tough times.  But there is no doubt that private-business owners have more flexibility than corporate managers and should use it to their advantage.

By Richard Randall and reprinted here by permission from the Central Penn Business Journal www.centralpennbusiness.com