The good news: If you can make it in this economy, I believe you can make it happen anywhere and at anytime. Your success during difficult economic times really tells a lot about who you are as a businessperson.
Here are some practical ideas to help you build a stronger business:
1. Don’t grow beyond your means.
Slow and steady really does win the race. If you can’t afford it, don’t go there. This is relevant both in the office and at home.
What you can do: Instead of hiring someone for a couple hours each week, think about the possibility of a high school or college kid taking the work on in exchange for experience, resume building, and a hopefully glowing recommendation.
2. Learn from other people’s success.
Be an observer. Talk to other business owners and keep your eyes and ears open for success stories. Despite a down economy, there are millions of businesses throughout the world doing just fine. Learn from them instead of concentrating on the negative.
What you can do: Ask other small business owners what works and does not work for their businesses. Identify exactly why something clicks for them (personality, industry, financial decisions, etc.) and figure out how you can relate their success to your business.
3. Become more aggressive.
I don’t mean this as something negative. I mean this in a RUN-THE-BEST- MARKETING- CAMPAIGN-EVER type of way. Become more aggressive with your marketing, collecting payments, and saving money.
What you can do: Consult with a trusted outsider who can take a peek at how you do business and make recommendations that will save you money while helping you grow your business.
I highly recommend you check out this New York Times video: Small Business Weathers the Recession
