We have experienced a very good run in business over the past decade or so. After experiencing a difficult recession, our economy roared back to life. Many of us have not only regained but grown our personal wealth as a result. It has been fun to participate in this Bull Market. Business conversations are much less strained when the biggest concerns you have are around managing your growth and not having enough employees. However, all business cycles have peaks and valleys. Anything that goes up will eventually come down (or at least slow down considerably). All waves do come crashing to shore even the beautiful powerful ones.
It’s important when times are good not to take this for granted. When the wave is cresting, ride it. Use this as an opportunity to pay down debt, make strategic investments, enhance margins and increase cash reserves. […]