May 26, 2009

How Do I Navigate an Economic Downturn?

Filed under: — lidia @ 12:58 am
  1. Keep in touch: call your clients and prospects regularly—they will still need your services, even in a waning economy.
  2. Rethink your products or services: what can you change or offer differently to meet your clients’ current needs?
  3. Boost your marketing: now is not the time to stop marketing—but focus only on the tools that are working.
  4. Not marketing your business? It’s a great time to start. Studies have shown that increased marketing efforts during a recession lead to larger gains in recovery. Not sure where to start? This article on marketing can help.
  5. Talk to your clients: ask them how you can help meet their current needs.
  6. Assess your current budget: are there areas you can cut costs?
  7. Need help but can’t afford full-time? Hire freelance or contract employees. There are many talented candidates that would appreciate the work.
  8. Network: attend local events or participate online to broaden your exposure and base of prospects. LinkedIn and Biznik are great places to search for local events.
  9. Help others: use downtime to volunteer in your community or at a local organization. Need ideas? Browse your local paper or an online volunteer site.
  10. Talk to other business owners: they are likely experiencing (or have experienced) similar situations and can offer ideas or support.

See more Small Business Tipsheets by Lidia Varesco Design

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