Entrepreneurs often have a difficult time operating a business during a good economy between juggling heavy workloads and trying to meet deadlines to satisfy customer demands. When the economy turns sour, things start looking grim, and bad news surrounds you, it imperative that you focus on your business and not on the state of the economy. Instead, focus on improving your company’s situation in the marketplace by creating multiple opportunities for growth. How you respond to the current marketplace and consumer demand will determine if you are still standing at the end of this economic crisis.
Market your business creatively and inexpensively by distributing press releases, blogging, and writing helpful articles on your website that help address a problem that concerns your customer base. You can also offer to teach classes or give a speech on a topic related to your business. While most people are cutting marketing and advertising budgets, you should take advantage of lower advertising rates and increase your marketing efforts. Cutting essential costs in marketing and providing poor customer service is not going to increase your business prospects in the short or long-term.
You should invest a large portion of your efforts in maintaining current customer relationships rather than trying only to gain new accounts. While new customers are important, current and former customers are more likely to purchase from you. It is important to remember to follow-up with customers after purchases.
Try not to allow fear and paranoia get to you. You have to tune out all of the doom and gloom and focus on what is best for you, your business, and your employees. Do not sit idly by and wait for the economy to change. You must change your part of the world by being brave, spending money on your business to make it grow and by hiring the right people to do the job. Cutting costs as a knee jerk reaction has never been proven to save a business in the long-term. You must be frugal where appropriate and extravagant when needed to succeed in any market. Do not sacrifice who you are or what your company represents just to make a few dollars. People will remember how you and your organization reacted to these stressful times. To survive in this economy, thrive even, requires immense inner strength and a unyielding resolve to succeed.
Remember: The poor economy is temporary, your reputation is not…
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