Times are tough all over and businesses both large and small are struggling to keep alive. Small businesses are taking it on the chin as the trickledown effect of people holding on to their monies; along with the tightening of credit offerings is putting a serious squeeze on cash flow.

Stay focused on your goal, (to make money) as you trudge through these tough times and stay strong, as sometimes the biggest winners in a down economy are those that do nothing more than ensure they are the "last man standing". Here are a few tips that might help you keep your doors open while we all try to survive crunch of a down economy:

> You will have to work harder, work longer hours, and you will have to work smarter.

>Re-touch with your current and past clients. Focus on re-establishing contacts and extending contracts. It's easier to retain a customer than to find a new one.

>Be professional, dress professional, you and your business need to make great first impression.

>Keep marketing and advertising. Those companies that retain visibility during down times tend to have an advantage over those who quit promoting their business to save a few pennies.

>Network. Be out there connecting with other businesses, potential opportunities for leads, and customers. Maintain your Chamber membership. Chambers are the best place to make contacts.

>Stay positive. People get tired of whining and complaining. You will notice that customers will come back to businesses where they have enjoyed positive experiences. The sky isn't falling, and the sun is still going to rise tomorrow.

>Know your competition.

>Evaluate your staff, reduce or cut back positions to control your costs. Salaries make up a large part of most budgets and you can sink the ship by retaining your whole staff because you don’t want to let someone go, or cut back their hours.

>Utilize outsourcing to save money. Bring in a temp for a project instead of keeping someone on staff year round.

>Let your vendors help you do the support tasks so you can focus on the things you do best.

>Don't panic and do something stupid. Rash decisions can be costly, these difficult business times may not change tomorrow, but this will pass.

>Focus on value; you shouldn't cut your prices as a way to generate more traffic. A reduction in prices rarely increases business enough to offset the discount. But be competitive and creative in how you price and present your product or service.

>Pay your invoices at the maximum time allowed instead of the order they are received. Let your money earn you interest instead of your vendor.

>Renegotiate your debts, leases, and credit terms. Credit is cash flow and cash flow is necessary for survival. Lenders and vendors will almost always work with you if you take the time to ask.

>Stay on top of your receivables. Encourage prompt payment with incentives if you must and don't be afraid to pick up a check on delivery whenever possible.

>Times are challenging, but if you manage your business and your workforce effectively you can maneuver from struggling business to market leader once the economy turns around. Keep the faith and be strong and the rewards will come to you and your in the end.

Coauthored by:

David Mengel,
Owner/President Gemini Staffing, Brentwood
(925) 513-7069
dmengel(at)geministaffing.com

Harry York
Brentwood Chamber , CEO

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Advertising in a slow economy is extremely advantageous. Marketing campaigns produced during a recession have a stronger Return On Investment (ROI). Your ROI is a measurement of how profitable your investment is - so when you spend money to market your business, and gain increased profits and a higher market share in return over a period of time (taking into account initial outlays), you've earned a positive Return on your Investment. People receive less mail in a slow economy, so your direct mail advertising will produce a higher rate of return. Less clutter in the mailbox means your message will be noticed even more. When times are "good", every company is faced with more competition for their customers' attention. A recession can actually provide your business an "opportunity" - advertising without competition.

Read this:

http://blogs.mediapost.com/spin/?p=1212

http://vestpocketconsultant.entrepreneur.com/2008/03/10/the-recessions-silver-lining/

http://www.forbes.com/opinions/2008/01/25/unsolicited-advice-recession-oped_meb_0125unsolicited.html

The Hottest Marketing Trends for 2008 Excellent article by Kim T. Gordon written at the end of 2007 almost foreseeing the environment we are in right now.
http://www.entrepreneur.com/marketing/marketingcolumnistkimtgordon/article188282.html
And Brad Sugars gives his answer to a reader to the following question:
Given the economic state and the recession outlook, what advice would you give a first timer business owner?https://www.entrepreneur.com/ask/answer6045.html

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