Business is tough right now, real tough. With the plummeting of the markets and the recent credit downgrade, the common public is in a panic which is causing them to pinch their pennies even tighter. For the average company, this bad news could mean the end of business.
However, a poor economy doesn’t have to force you to close your doors. In fact, you can prosper even in rough times simply by being mindful of what is going on around you and in your market. Below is a list of a few free or inexpensive tasks you can do to help your business stay afloat during these tough economic times:
The worst thing you can do for your business during a tough time is irrationally make a decision. Many business owners make decisions based off intuition or poor and unconfirmed data. While this may allow you to get by on occasion, it can also lead to disaster. Always incorporate business or Decision Analytics when trying to find a solution to problems which arise in your company.
Get Online and Stay Online
If your company doesn’t already have a strong online presence, it needs to gain one now. If your company isn’t on Facebook, Twitter, and other social networks, your missing out on a huge opportunity to easily market yourself and gain a greater client base. A strong website and well managed blog are also highly important in maintaining client interest and need to be managed well.
Smart phones are quickly becoming a highly popular route for browsing products and services. Businesses interested in making sure that potential clients have access to them at all time need to make sure that their websites can easily be pulled up an any mobile device including smart phones and tablets. If a potential customer can’t pull you up on their phone, there is a good chance they will move on to a competitor’s page that can be pulled up.
Online Reputation Management
With social media and the web becoming incredibly important in maintaining visibility and gaining more customers, businesses also have to focus on managing their online reputation. A neglected Facebook page or a poor Tweet can devastate a brand in a matter of minutes so businesses serious about staying ahead of the competition and remaining in a positive light need to invest adequate time and energy into promoting and protecting their online reputation.
The slow economy creates unpredictable situations for business owners. They don’t know whether or not business will continue as normal, slow down a bit, or come to a screeching halt. To make sure that you can survive a lull in business, you need to properly manage funds. Cut budgets where you can and don’t hire new employees if you don’t need it.
The economy may be suffering, but that doesn’t mean that you have to as well. Employ easy and inexpensive business practices to streamline your current business and make it more efficient. Not only will you be able to keep a few extra pennies in the bank, but you will also be able to draw in more customers which is never a bad thing for business either.