5 Small Business Survival Secrets during Economic Hardtimes
March 21, 2009 Leave a comment
Maybe the hardest thing to overcome in a stagnant economy is inertia. You know, when nothing’s moving, it seems like nothing’s going to move – no clients, no sales, no anything. And the media states it’s just getting worse. That goes beyond inertia to dark energy. So, what is a business owner or entrepreneur to do during these economic hard times?
1) Don’t give into the feeling of stagnation. Move forward. Devise a new business plan specifically for these times.
2) Take a look and see if you can modify your product or service to fit the times. Is there a way that you can market it as being efficient, time effective or cost-saving?
3) Make sure that you’re staying in touch with your customers and your target market. This is not a time to stop promoting, but a time to market effectively and consistently. You owe it to yourself. It is an investment in your company and your future.
4) Study the media and see what type of stories or articles they’re running. Make a list of stories that you can pitch to the media on you and your company. Launch a public relations campaign that’s in step with the times. Use stories that are relevant to the media at this time.
5) Utilize the Internet to magnify your PR campaign. Whenever you land media coverage, whether it’s a TV segment or print article, use social media to hit the largest number of people possible. Information can travel at the speed of light on the net and you want to utilize that capability.
These can be difficult times to stay optimistic, but they’re also times of real opportunity. Be proactive. Move forward even if it feels you’re sloshing through quicksand. You’ll make it through and realize not only was it worth it, you’ve built a stronger, more successful company than you had at the onset.