Many small and new business need all the help they can get in a global recession to avoid sinking completely.
Small Business Help to Survive Global Recession
Offer exceptional customer service: Competition is fierce for many businesses, especially small and new ones. Now is the time to focus on offering exceptional service. Customers do remember outstanding service and will actually pay more for a product if they feel valued. Send out regular, personal e-mails detailing special offers, take steps to ensure service delivery is effective, perhaps ask customers to fill out a satisfaction survey. Consider offering flexible payment terms.
Diversify: Specialized goods and niche services are good but consider branching out to offer other business related products or services. Be innovative but be careful not diversify too widely.
Cut costs to survive global recession: Costs can be reduced or even eliminated by using inexpensive business tools, such as using Google Apps to manage company email, documents, spreadsheets, mobile calendar sync. agenda management, lower IT costs etc. Telephone costs and the cost of video conference calls can be reduced with Skype, Mikogo. Be careful not to get into excessive debt, manage cashflow effectively and resist the temptation to spend on staff, software etc. unless there is adequate revenue to cover these expenses.
Small Business Marketing Strategies
Marketing costs can be costly, but without advertising and marketing the business risks sinking in times of global recession. Become more aggressive and more comprehensive than ever.
Consider hiring experts in the marketing field. Other strategies include touching base with clients on a regular basis, setting up an exceptional website with an online store, if applicable.
Small businesses typically have a limited marketing budget if any at all. Consider the following business marketing strategies:
- Call vendors or associates and ask them to participate in co-op advertising.
- Take some time to send existing customer incentives for referrals.
- Consider the value of free publicity, such as radio publicity to boost business. By doing this, a small business owner can position himself or herself as an expert in a given field. If interviewed, have all facts together and be lively and enthusiastic.
If an entrepreneur is considering starting a new business in a time of recession, good businesses to start are typically in the areas of food, clothing, shelter, education, renovations, repairs and entertainment.