Surviving in difficult times
The economy has taken its toll on small business owners and if you'd made it through so far, you aren't doing too bad. Unfortunately small businesses often have everything going against them and only about 2/3rds will survive the first 2 years and after that only half of those businesses will survive 2 more years. So with all of the odds going against you, plus the hardships in the economy, how can you find a way to keep your small business going strong? This article will explore a few things you can do to keep yourself in business.
Go against the book
When it comes to running your own business, be willing to go against the codes that have been set for you by others. You don't have to worry about the scare tactics everyone else is fearing because if you have a hard work ethic and you are willing to try new things without accepting failure, you will be able to persevere. Some business owners just don't persevere and they have no desire to work hard to keep their customers so they end up letting their business fall apart. Every economic challenge is slightly different from previous ones so you must be willing to try everything instead of just hiding under a bush and waiting for the destruction of your business to occur.
Don't be afraid to look outside the box and search for new ways to gain new customers. What are your current marketing strategies and how are they working? While now may not be the time for spending more money to advertise your company, you can still look for new ways to promote your business. Social media is one world that has taken off and become quite successful for several business. Blogging and article writing can also help to gain attention and exposure for your business and it will help your name stay in your customers' eyes.
Always be on the look for new product or service ideas. Don't be afraid to think outside the box and look for new ways in which you can assist your customers. If you can offer them something that will benefit them during hard times, they will purchase it and continue supporting your business instead of placing it on the list of expenses they need to cut.
You are going to have some obstacles in your path and they may seem almost impossible to overcome. Even though it's not going to be easy, you will find a way to overcome them by setting small goals that eventually build up to some bigger ones. Goals help to keep people on target and they get the motivation they need to work hard once they accomplish a smaller goal and start to look forward to the bigger goals.
When the economy is struggling, it will start to impact your cash flow. Take a look at where you are wasting money and look for some ways to cut expenses here and there so you can keep your cash reserves available in case times get really tough and you need to dip into them to cover some of your operating costs. Contact a few of your existing vendors and discuss cutting your costs. If your vendors are charging you shipping costs, start picking up a few of the items yourself while you are running other errands. Start getting bids from other vendors and compare them to your current vendors prices. Ask your current vendor to meet these prices if you are interested in keeping your business with them. If you do find lower prices, most vendors will match the price because they recognize the value of a repeat customer.