Here is what you and I should do in the midst of recession these days: Getting ready for the economic recovery.
“The sign of times” is there: According to a business article in Houston Chronicle, many small business owners are getting ready for the recovery – They are marketing, updating business models and looking to secure real estate deals. Even some are hiring with the expectation that economic recovery is not too far away in the future.
Like in winter season, the first group of leaves growing from a tree is a good sign that spring season is coming. Although some say that dark clouds of foreclosure are looming toward small businesses, just like what happened to real estates, I do believe the otherwise.
I look forward to ride the wave, as the signs are there – More and more optimistic small business owners toward the outlook of the economy. I believe in the butterfly effect, that one movement can go viral. And I also strongly believe that optimism is contagious, even in the midst of naysayers.
What you and I should do these days
I suggest you and I should do what the “pioneers” are doing – getting ready for the rebound. If you have limited access to resources due to recession’s hard hit on your business, you can surely bootstrap your preparation.
Here are some suggestions on how to follow the footsteps of those optimistic small business owners and get prepared for the economic recovery:
- Marketing on a budget is not as hard as you think: Let’s do guerrilla marketing – Marketing campaigns that are focused to get the most out of limited resource (even for free) – Going frugal is trendy, these days… Please refer to Noobpreneur Business Articles section under General Business for some budget promotional idea.
- Some businesses are on sale at rock bottom price tags. Consider acquiring those that you consider competing or complementing your current business to strengthen your business. To “bootstrap”, consider buying a majority share of the business that allows you to control the business. This way, you can avoid paying the full price, and you can keep the existing management structure and members.
- Win more price-conscious customers by “not allowing” them to go frugal, even though they can. The best practice is to offer an affordable (or “lighter” version) product or service, with the option to customise the product or service later on.
- Securing a lease for your business location can be achieved at a much lower price tag. Use your negotiation power to get cheaper leases for a long term, pointing to the logic and the undeniable: Nobody want to start a business these days on leased premise.
- Send your employees to work from home and move your business operation home based. Many testify that doing so is actually improving productivity, lowering overheads, boosting sales and enhancing employee satisfaction – This is probably my best suggestion to you.
Here’s one statement from the article I refer early in this blog post that sums it all:
“That’s the best part, to do it now… Other companies, when the boom kicks back in, they’re going to start doing what I did a year ago.”
– Lorrie Thomas, the owner of Lorrie Thomas Web Marketing and Web Marketing Therapy, on why she insists on reshaping a new business model in the midst of recession.
Getting ready for the economic upturn
Image by jakeliefer.