Owning your building will pay off big dividends in the short and long term.
We have been looking at slower economic times for a few months and the reality of a more sluggish economy is facing most service business operators. Add to the reduction in economic growth the lingering economic effects of the Sept. 11 tragedy and you have another challenge for your business: where to get more revenue. Cash flow can easily be a problem when business slows.
However, I want to offer an idea that you may have considered at least once before and explore it in more detail. I am talking about owning your own building. Before you object and assume it will increase -- not decrease -- your monthly financial obligations, let's look at some of the advantages of owning the building where you operate your business.