Your Business Can Benefit From a Slow Economy

The bad news for big business can turn out to be great news for your small business.

Take for example the word coming out this week that new car sales this quarter have, well, crashed. General Motors'GM sales fell 18.9%, FordF sales are down 14.2% and Chrysler's fell 19.4%. Even No. 1 automaker ToyotaTM has seen sales decline.

What this means for you is that there has never been a better time in recent history to buy a car for your business.

With sales on the skids, manufacturers will be pulling out all of the stops to make a sale, any sale. If your small business is still in good shape (and most are) and you have been contemplating a major purchase like a new business car or truck, now is the time. It is a buyer's market.

Even better: Considering the state of gasoline prices today, trading in your present auto for a hybrid or other car that gets better mileage can offer the added benefit of reducing your bottom line.

But it is not just automobiles that you should be thinking about. This bad economy is offering up a plethora of great sales in a variety of industries that make this an excellent time to expand your business (assuming of course that you can afford it).

Take real estate for instance. The subprime housing crisis and the resulting cooling-off of the housing market makes this a great time to get into, or expand, your real estate holdings. Want to buy a new building to house your small business? Now is the time. Considering expanding you investment property holdings? This is the moment. Real estate has not been this affordable in quite some time.

And don't make the mistake of thinking that you can out-think the market, wait a little longer and get in right at the very lowest of low points. According to real estate guru Barbara Corcoran, "You never know when the best time is ... The best you can do is buy within the low, and we're definitely in the low right now."

That the economy is in the doldrums can help you as well when dealing with your suppliers. The recent economic downturn also likely means that your distributors, manufacturers and other suppliers may be quite willing to renegotiate some deals, cut you some slack or otherwise make things easier for you. They need you and will want to keep you as a customer.

Warren Buffet, as smart a business mind as there is, puts it this way: "Be brave when others are afraid and afraid when others are brave."

That's the ticket. Buy when others are selling. Be brave when they are afraid. That is the secret to succeeding in this economy.