by Shannan Hearne-Fortner
Being successful in small business has
always had its special challenges.
But with the uneasy pre-war economy
and an economic recession in process,
the challenges are getting tougher and
tougher. Here are some simple tips
for business success in these trying
times.
1. Remember that your customers,
whether you operate in a B2B or a B2C
environment are watching their pocketbooks, too. Don't look for options to
cut costs. Look for options to lower prices without cutting
corners. Offer
smaller packages or other reduced pricing options for clients who are
concerned with cost cutting but don't want to lose out on your valuable
offerings.
2. Keep up with the growing American patriotism if you do business in the
U.S. Remember that the red, white, and blue sell better and better as we
all as American's share our patriotic feelings. Likewise, keep in mind that
American attitudes towards countries not backing us in our current war
efforts are falling. As restaurants and Congress change the names of foods
like French Fries and French Toast, you might want to re-assess your
marketing efforts for some foreign products.
3. Focus your marketing efforts on products and services that are less
likely to be shelved as luxury purchases rather than necessary purchases in
times of economic crisis. If you offer standard coffee and expensive top
line coffee, remember that people may downsize their product purchases
rather than discontinuing them all together.
4. Monitor world events. Any crisis may impact our inventory receipts and
shipping delivery plans. Put a contingency plan in place now and be
prepared for whatever comes.
If you keep your focus on doing more business more efficiently, the trying
times ahead don't have to negatively impact your business.
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Enough with the doom and gloom. So the economy is not as strong as we would like it to be. If you decide to curl up into a ball and just accept the worst, then you've already lost. You might as well just close up shop now.
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As a small-business owner, you have a choice in terms of how you
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