Inside Small Business | Small Business & Home Business Marketing
5 Ways to Recession Proof Your Small Business
Regis Hadiaris, Dot Connector
Recession proof your small business: As complicated as people like to make business, the beauty of it is the simplicity you can apply.
Here are 5 simple rules to help recession proof your small business and thrive during this recession.
1. Stay extremely close to your current Clients/Customers, and evolve with them.
We know its more costly to acquire a new Client than it is to get more business from an existing one. Use this to your advantage and focus on getting as close to your current Client’s business as you can. You are always changing, so are your Clients! Find out how things are going for them, and then offer products or services that can help them achieve their goals.
Resources:
- How to Deliver Great Customer Service in B2B – 15 Ideas That Work [plus bonus manifesto]
- Free Online Survey Solution – the 4Q Survey
2. Ensure all expenses are covered by revenue.
Don’t spend money unless there is a revenue stream to cover the expense. This one sounds simple enough, and it is! Resist the temptation to spend money (on people, software, etc.) unless you have the revenue to cover it. This definitely applies to your marketing: how much revenue did you get for that dollar you spent on marketing? Don’t know? Stop your marketing until you do!
Resources:
- Favorite Ideas from Your Marketing Sucks by Mark Stevens
- The Margin Manifesto: 11 Tenets for Reaching (or Doubling) Profitability in 3 Months
3. Grow your business through referral networking.
Yes, it’s the old “you scratch my back, I’ll scratch yours” or “give to receive” principle. But, the reason I bring it up is because it works. Look at the work you have to do: if you can pay someone to do it for you (see #2 above), delegate it! You’ll open yourself up to new opportunities you had no idea were available.
Resources:
4. Cut costs by moving your office to the web.
Here are seven questions to ask yourself about your current office setup, along with free or very low-cost answers!
- Are your company email, calendar, and documents systems free and managed by a team of experts? With Google Apps, they could be.
- Is your team using the web to collaborate on projects and store project info? With Basecamp, they could be.
- Is your team using costly Office software that creates documents on computers where no one can get to them? With Google Docs, you don’t need to be.
- Is your website easy to maintain and free to update? With Wordpress it could be.
- Are you still faxing proposals back and forth taking days or weeks to get deals approved? Why not use Echosign and “esign” documents in minutes?
- Are you paying high rates for telephone and video conference calls? With Skype, Mikogo and ConferenceCalls.com you don’t have to.
- Do you have an expensive phone system or pay a lot for your business phone? You better check out Grand Central!
5. Practice unconventional thinking!
The economy is now the biggest national issue (and consistent scapegoat) in America. But, this extremely negative environment does create amazing opportunities too – you simply have to open your mind to them. Stop thinking about limitations, and start thinking about solutions!
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Posted on Thursday, March 12th, 2009 at 2:36 pm and is filed under Advertising, Business, Technology. You can follow any responses to this entry through the RSS 2.0 feed.
