Hello! I'm back, after a long absence from this blog! Life is full of ups and downs, and during the past year I have experienced my share of these, but I am back now, refreshed and ready to devote myself to my proofreading/editing business full time again.
One of the downs, for me and for many others, has been the economy. Even in a good economy, running a small business can be challenging. In the current economy, it is more difficult to get financing, the cost of doing business may be higher as prices continue to rise, and consumers are just not spending as much as they were. But it is not hopeless! Here are some ideas to help you and your small business survive a bad economy.
Re-evaluate the way you do business. Do you need to change or modify a product or service? You may be tempted to cut prices, but do this with caution. If you have set your prices based on what the market will bear, and on your own level of experience and expertise, they are probably in the right range. Cutting prices may send the message that your prices were too high to begin with! It may be better to offer temporary specials rather than cut prices across the board.
Take a hard, objective look at the way you market your business. Small businesses do not have the luxury of huge advertising budgets. Look at the way you have advertised or promoted your business in the past. By focusing on the marketing strategies that have actually brought in business, and letting go of those that haven't been helpful, you can get more out of your advertising dollar.
Look at ways to improve customer service. The best way to know whether you need to do this is to simply ask your customers or clients how you are doing. Continue to educate yourself on improving your business and managerial skills. Attend networking groups to learn how others manage their businesses and keep their customers happy.
Other things you may want to consider are: cutting expenses where possible, bartering for services, and consulting with SCORE (Service Corps of Retired Executives) or your local Small Business Development Center.
Keeping your business alive in the current economy is certainly challenging, but not impossible. It is important to be objective about your business and that means you may have to make some difficult decisions. But if you can stay flexible and positive, you can come up with some creative ways to keep your business going until the economic situation improves.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment