In a down economy many business owners find themselves low on funds, downsizing and sometimes forced to close their doors. No business is recession-proof... not even funeral homes. But just because there may be a looming recession, does not mean your business has to submit to it.
Implement the following business practices, and although you may not completely recession-proof your business, you will propel it in a positive direction, lay the groundwork for future success and ultimately give it the padding it needs to ride out slow economic times.
1. Diversify
Seek out ways to expand your goods and services and try to meet multiple needs that your customers have. If you own a bridal shop that carries tuxedos and wedding dresses, could you possibly expand your services to include silk wedding flowers and wedding planning services? If you own an auto body shop maybe you could add car detailing and washing services. Consumers need goods and services, and if your business is reasonably capable of providing more services and retaining a customer, than you have everything to gain.
2. Utilize new technology
We are living and operating businesses in a new age. The way that consumers gather information, buy goods and services, and communicate is changing rapidly. One thing is certain, having an Internet presence is integral to today's business owner. If you don't have a web presence, many of your potential customers will have no choice but to find your competitors.
3. Maintain or strengthen marketing and advertising efforts
In a slow economy the first thing to go for many businesses is the marketing and advertising budget; don't be one of these companies. In fact, use the fact that in a slow economy businesses cut their advertising to your advantage; keep your business in view; if you do nothing, nothing will happen. Give consumers who are leery to purchase a reason to come to you by offering strategically planned freebies, discounts and incentives in your marketing materials.
4. Step up your customer service
Consumers need a good reason to go with you and not your competitor in a slow economy. Consumers are shopping around and checking out all their options. In a down economy impulse buying isn't the way people purchase. It is no secret that people love to be treated well, so treat your current and potential customers exceptionally well; go above and beyond the call of duty. Give them concrete reasons to give you their business, and recommend you to their friends. Providing great customer service should be forefront in your mind.
5. Keep your eye on long term goals
Stay focused on your business goals, nothing will hurt you more than rash decisions made out of fear. You are in business for a reason; because you are the best at what you do. Keep moving forward and keep your eye on the long term goals you set forth in the beginning. Sometimes it is necessary to deviate from the original plan momentarily, but don't lose sight of your target goal.
While riding the waves of a down economy you must continue to lay the ground work for future success by diversifying, utilizing the technology available to you, maintaining or strengthening your advertising and marketing, treating your customers like gold and remaining true to your ultimate business goals.
Emmy Bill is a Certified Search Engine Optimization Specialist working in-house for Sitepro.com, a web design and development company serving small to medium-size businesses. Visit Sitepro on the web at http://www.sitepro.com
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