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Wednesday, April 8, 2009

How Can Small Businesses Survive In These Hard Times??

I don't think anyone can argue that we are in a recession ... one of the worst. Some may even think we're headed for a depression if significant improvement isn't made soon (as in by end of 2009 .... NOT 2-3 years from now).

So what can small businesses do to "survive" .... and not just survive but flourish when all is said and done?

Lessons learned from past recessions show why you should continue to market through a recession, which of course is what we are in right now.

You can Google for more details from a plethora of sources .... but it all boils down to these top three tips:

1. Mine your existing customer base.

Your best opportunity is in your current customer base. We know you've heard this before. But have you really done it? Use this time to meet with EVERY single current and past client. Find out what is happening with them. Look for, and focus on, the areas where you can help them during these tough times. Make sure every customer is aware of every product you offer.

2. Create an economical option.

Times are tough for everyone. Be sure you have accounted for that with your product offer. Do you have an option that takes into account the economic conditions in your market? By doing so, you let your prospects know that you understand their pain and you're responding to it.

3. Network, Network, Network.

Now is NOT the time to be silent. There may be many in your market who simply cannot enter the buying cycle right now. But that will change. And, when it does...you want to be top of mind. Be sure you are showing up, wherever possible. This is the time you want to canvas the market to build and maintain awareness. While others are cutting back, you will be the one remembered when the dust clears!

1 comment:

John said...

Small business can leverage their local Small Business Development Centers. They have recently announced a partnership highlighted below:

ePhiphony Incorporated, a leading provider of inventory optimization software, today announced that the Small Business Development Center National Information Clearinghouse (SBDCNet) will feature the Phitch OC 9.0 platform on its small business technology Marketplace. The Marketplace includes top small business technology solutions like Intuit’s small business accounting software QuickBooks and Palo Alto Software’s Business Plan Pro.
“Being one among the select few best-in-class small business technology applications on SBDCNet is an honor,” said John Krech, President of ePhiphony. "Phitch OC 9.0 brings a great complement to the mission of the SBDCs by providing an inventory optimization small business technology that not only helps small businesses survive but thrive, especially in times like these when businesses are seeking help to secure small business loans.”
The link to the news/press release is:

The link to the partnership is: