SmallBusinessNewz

Despite the economic downturn, there appears to be a new openness too risk-taking among small business owners. This is according to Intuit, makers of Quicken.

"While small businesses are still concerned about finding and keeping customers, obtaining credit and retaining employees and their benefits, there’s a shift happening," says small business author and expert Gene Marks. "Now more than ever owners are tapping their entrepreneurial spirit by getting more creative and taking chances."

Marks and Quicken have been moderating a series of Town Hall meetings, and based on  these, they have offered five tips for finding the upside of the downturn:

    *   Follow the money. President Obama's stimulus package paints a clear picture of where the money's going to flow over the next few years. Review the tax code to ensure you’re taking full advantage of tax breaks. Apply for one of the new 7(a) loans backed by the Small Business Administration. The volume of these new loans has risen more than 20 percent since mid-March. Intuit's Small Business United Stimulus Package resource page has more tips and information.

    * Make getting paid easy. Small businesses are owed more than $33 billion in overdue payments. Start asking customers for down payments, or even full payments, up front. Accept credit card payments and offer electronic invoicing.

    * Turn big businesses’ loss into your gain. Hundreds of thousands of smart people have been let go by big companies within the past year. Hire them now, tap their knowledge and help your company get ready for inevitable growth. Join social networks like LinkedIn or Facebook to find new talent within your own circles.

    * Take calculated risks. While the recession makes most business owners cost conscious, now is actually the time to invest. While prices are low and tax breaks are high, buy new equipment or stock up on inventory. If your competitors are struggling, target their customers or buy up their assets.

    * Rethink compensation. Take another look at employee compensation. Develop creative bonus plans that reward results and discourage losses.

"As a former small business owner, I’ve learned that you can’t diet your way out of a recession. You have to be open to taking risks and sometimes going against conventional wisdom," says Justin Kitch, Intuit’s chief growth officer. "My hope is that small businesses find new opportunity by using these tips today, so they can find success in the future."

What do you think? Is it a good time to be taking risks? Share your thoughts with SmallBusinessNewz readers.