10 Tips for Small Businesses to Survive and Thrive In a Down Economy

//10 Tips for Small Businesses to Survive and Thrive In a Down Economy

10 Tips for Small Businesses to Survive and Thrive In a Down Economy

Here are some valuable tips that may help your company do better is today’s economy:

1. Perception is greater than reality- Look and Be Professional

It is easy with today’s technology and economical services to have professional business cards, marketing materials, a website, and other key business related products and services to appear and be very professional.

 

2. Cut Costs

Analyze and make cuts where you can. In a tough economy, make sure you have negotiated prices on essential services and cut out unnecessary expenses. Find the most economical ways to do business. It is better to spend more money on bringing in business than running the business.

 

3. Socialize

As most small business owners’ work harder and longer to make the same amount of money or less, it is important to remember to socialize. Human interaction will help lighten the spirit and recharge the batteries. It frees your mind of the pressures and worries that we all feel and gives us the chance to remember the important things in life.

 

4. Network, Network, Network

As with any business you have to get the word out and keep the word out. It is especially important to the small business owner who doesn’t have a big marketing and advertising budget. Remember, the payoff is not always immediate, but worthwhile.

 

5. Flexibility

Take advantage of being small. You have flexibility that larger companies do not have. You can make changes immediately. You can take advantage of trends. Pricing changes and negotiations can be done on the fly. Products or services can be designed for the individual consumer.

6. Customer Service

There can never be enough said about customer service. Good customer service can really make a difference. As a smaller company, the opportunity to stand out in this area is significant. Large companies struggle with creating a workforce or customer service department that consistently provides the right quality. Remember; when you have a problem, there is nothing like calling and hearing a human voice.

 

7. Think Big!

If you take one tip from this information, let it be this one. Take an hour a week to dream of where you want your business to go. What will it take to get it there? Put action steps together to achieve these goals. Evaluate your original business plan or come up with a new one. It is so easy to get bogged down in the day to day tasks of your business that you never make time to figure out how to make it grow or become the business of your dreams. Do you want a larger business? Do you want more time for life? Do you want to just work on aspects of your business that you enjoy? It all starts here.

 

8. 80/20 Rule

Most people have heard of this rule. 80% of your business will come from 20% of your customers. Therefore, to increase business or to help maintain current business put an additional emphasis on these clients. It will provide you the best results for the time and potential investment spent. Nurturing these clients will increase sales with less work or investment than trying to find new clients.

 

9. Referrals, Referrals, Referrals

The best new client or lead you can get is from a referral. These clients already have a built in trust factor because they were referred by someone.

 

10. Passion and Belief

If you do not have passion for your business or do not believe it can be successful, it will not be. There is no substitution for this. It creates energy and excitement that comes from your enthusiasm.

I hope your business is or will be all you desire it to be. As always, Pinnacle Success Group is here to help you reach the Pinnacle of Success!!!

By | 2018-05-17T15:59:17+00:00 September 24th, 2012|Tips & Info|0 Comments

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