Recession: an ugly little word on the mouths of everyone in our country.
Out-of-business signs are becoming more frequent sights, leaving small business owners to wonder exactly what they can do to save their livelihood.
Well, here are five tips for surviving a recession.
Don’t set and forget
All businesses, big and small, have to make goals. Goals help drive your business into the next phase and keep things moving forward.
All businesses, big and small, have to make goals. Goals help drive your business into the next phase and keep things moving forward
We all have days where it feels like we’re cleaning up one mess after another with no real sense of direction. But it’s vital that we have a long-term strategy in mind, to keep things on track.
The biggest mistake small business owners make is to set and forget. They pick a goal, but don’t set forth any motion to achieve it.
A goal without a plan of action is like getting on a plane without a destination. Sure, you’re plane is going somewhere, but you have no control over where or even how it will land.
The recipe for success is Goal + Action = Achievement.
Set a goal and a date to reach it by. Get a plan together to make it happen.
Image is everything
People judge you on how you look. Period.
Businesses that present a professional image seem more trustworthy and worth buying from. The economy is tight on everyone’s pockets, but there’s an ace in the hole you can get: look better than the other guy.
Offer a good product and present it well. Make your customers feel safe and secure in purchasing from you.
Taking the time to maintain a professional and well-kept business shows that you take it seriously, and encourages your customers to do the same.
Make sure all employees are trained to answer the phone in the appropriate manor.
It can vary widely depending on your business, but bear in mind dress code: what you would want to see if you were a customer at your store?
Ensure that all employees who deal with customers have proper customer services training. If a customer has a good experience, they may tell three people; a bad one and they’ll tell twice as many.
Publicity matters
You’ve a great product and a wonderful business offering competitive deals. But you’ve got no customers.
It doesn’t matter how amazing your business is, if no one knows about it, you’ll never make any money.
During these tough economic times many people have found internet marketing an excellent way of capitalising on their publicity efforts cost-effectively.
Using the internet as a marketing tactic can seem a bit overwhelming at first, but adhere to a few simple guidelines and you could get a significant return on investment.
First and foremost, invest the time and money to get a professional looking, search engine friendly website. If people can’t find your site, they’ll never find your business.
Also, consider taking advantage of social media. People love interaction, so get out there and interact with your customers – it’s the best way to engage them.
Peer groups
Owning a small business can be a struggle. You work long hours, worry over details and have the responsibility of your employees’ livelihood on your plate.
There are times when you feel like no one understands your daily struggles. But there are people who do: other business owners.
By joining a peer group for business owners you can interact with other people who understand the daily fight you face. Not only is this a great tool for your personal health, it can help grow your business.
The Alternative Board, a good example of an online peer group, features small groups and a moderator. These groups discuss business models, plans and goals, with members providing advice to one another.
Schedule time for YOU
You’re the hardest working person at your business. You work through lunch to catch up on paper work, you squeeze a few hours in after close to get organised for tomorrow, and you spend your weekends in front of a computer screen instead of the park with the kids.
This is the price we pay to run our own business.
But remember, time is constant; it’s our perception of time that changes.
We’ve all had those days when the clock moves so slow it feels like it’s going backwards. And we’ve all had those days when we glance at the clock and then a few seconds later it’s the end of the day. Time didn’t change, how you perceived it did.
Studies show that taking half and hour to an hour break daily helps to clear your mind, revitalise you and get you ready to deal with stress. So whatever it is you enjoy doing, be it a brisk walk, reading, a short nap, listening to music – do it every day.
Schedule it into your day and stick to it like you would a meeting with a client. The benefits in your overall health and attitude will more than exceed the time invested.
Remember you are the most important person in your business; make sure you take time to enjoy it.
