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And -- and look small businesses across the country they are taking a hit to amid the recent economic slowdown.
But we are learning that he could get even worse on -- -- -- second.
Automatic spending cuts kick in from the budget control act of 20111.
Said that more than two million jobs could be lost in a recent study from Aerospace Industries Association.
Of those will be small business workers also alarming this word from recent -- small business committee hearing.
That the spending cuts could result in loss of 109 billion dollars in personal earnings and a reduction a 215 billion from GDP so.
How can small business owners prevent themselves from losses.
Let's get a personal finance expert -- given -- that I ran out of those numbers anyone listening to than this morning and there are -- right now yes I tell them what they can get -- Talking to some small business owners yesterday and they were saying the first -- you really have to appeal to your legislators.
You've got to get them on your side there when there with a bunch of the guys to -- -- gang up if you will.
And just you know remind them that small business is the backbone of the economy these what does it is governments and -- -- -- -- new job to critic -- small businesses yadda -- GAAP.
But they're not doing anything to actually help small business and he -- any small business and -- they would even say that.
Congress is actually hindrance to getting things done.
-- Axis Capital cant get alone can expand your business can't do much of anything so we're seeing companies go belly up analysts are still around.
-- -- -- Like survivor moment has to appeal the legislators don't be afraid to make demands also something -- can do is get maybe some of that.
The larger companies in your pocket as well write some -- that they got to talk to yesterday's and you really have to seek partnerships -- do you wanna.
Find the champions in -- and the legislators but find the champions and big business because small business.
Doesn't have much of a voice -- don't have the money to lobby the big business actually doesn't know the guys getting those contracts 80% of defense contracts.
Go to the big businesses to the tune of 600 billion a year.
So seek them out partner with them they need you you need them gonna come -- a relationship.
All works out I sent out and it tough economy this next tip might be difficult but finding new revenue streams what do you mean by that right this tough economy it is difficult to do this but rather than just having your one or two bread and -- clients as some small businesses do they -- that they they're working just fine we're now officially.
You really have to find new sources are revenue you've got to go out there and find new ways to position your product or service.
You know maybe -- -- entirely different industry and apply your service to that industry it's really about thinking outside of the box finding your -- street revenue -- is really important to clean environment -- As challenging as -- and then finally.
Taking advantage of those tax breaks there are tax break for doing this for small -- have understood it.
So you wanna make sure your maximizing as a mean the ones that are -- have a look at the products as your travel expenses are startup costs here.
Professional fees illegal facing you want to make sure your maximizing all of this taking minutes all the credits in particular.
Something can actually control I think -- -- -- thanks for had a and people out there appreciate this tips today thank you.
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