Small Business Growth in Difficult Times

With the current financial crisis comes a feeling of uncertainty and instability. It’s natural to have doubts and be cautious in times like these, but don’t let your fears break your concentration. Recessions are not usually long term and those who dig their heels in and step up business growth strategies WILL prevail. Create an innovative mindset to brainstorm with your staff or colleagues on a regular basis. Stay focused and use the following tips to stay on the right track.

Stick to your marketing plan

Implementing your marketing plan is one of the most crucial keys to your business growth success. If the current plan isn’t working though, try new strategies. Internet marketing can be a less expensive option in comparison to traditional methods. Seek an Internet marketing expert and explore the options.

Create better content for your website

Create content that helps you get found, engages people, and is interesting to your target market. Focus on optimizing your website for the search engines. There are unlimited resources on the web to get this done without costing you a fortune.

Social media and social networking

The hottest way to get your message out right now is through social networking sites. It’s free, can help build relationships and share your knowledge at the same time. One of the most popular right now is Twitter. This mini blog approach is free, easy to learn and quick to implement. It can also be a lot of fun!

Offer discounts

Offer discounts on your most popular products and services or lower prices across the board and don’t forget to advertise your new lower prices. You’ll be helping others save money which will make it easier for them to spend and you can always increase them again when things improve.

Let your clients know you’re in it for the long haul

Keep in touch with your customer base with email campaigns. Create a system to reward referrals and let everyone know about it. Referrals can be a huge growth factor for your small business. Think about offering low cost continuity programs or create workshops that will help your clients get through what might be a difficult time for them as well.

Plan ahead for a stronger future

If your sales have slowed down or you don’t have as many clients as you’re used to, spend your time wisely by putting together a solid plan of action. Include any new product or service ideas you’ve had, business development projects, new marketing strategies, etc. Start with the big picture (a year at a glance) and then break it down into months and even the next 8 weeks. From there you can create daily actions that will help you keep your eye on the prize.

Evaluate your financial situation

Keep an eye on capital and adjust spending accordingly. In some cases investing your own time on a project where your skills are an asset can save in the long run.

Assess how much you will need BEFORE you need it and brainstorm creative ideas to increase revenue rather than to ask for a loan. If you already have debt, decide where you can trim your budget and use that money to pay it down. When the difficult times subside you’ll be stronger than you expected.

Find frugal tips to make your dollar stretch at home as well.

Don’t let fear and worry take over

If something isn’t working the way you intended, that doesn’t necessarily mean you need to give up. Often the best solution is to evaluate the current situation and make adjustments that respond to it positively.

And remember, ordinary things done consistently produce extraordinary results!