Small Business, Slow Economy – Tips to Survive the Crunch
“We’re in a recession.”
Photo by iboy daniel
No one wants to hear those words, especially small business owners. Now that the phrase has been uttered, what can you do to make sure your business survives?
First – take heart in the fact that, even during a recession, both society and the economy depend on small businesses. The import-dependent US relies heavily on local business owners to stabilize an unsteady economy. Even more inspiring, some of the most successful companies in the nation seen their beginnings during shaky economical times.
- The last large-scale recession in the 70’s and early 80’s seen the start of FedEx, Microsoft, and CNN.
- During the Eisenhower recession of 1957 and 1958, Hyatt Hotels, IHOP, and Burger King began.
- General Electric was born in the short, but fierce, recession of 1873.
And if we look back to the Great Depression of the 1930’s, the banking industry struggled miserably but companies like Proctor & Gamble, Radio Flyer, and even Camel (the cigarette manufacturers) came out on top.
How can your business survive the recession?
Photo by Amagill
Advertise and build your brand. While a slow economy may seem like the time to cut expenses, the companies that prospered during the Great Depression were those that continued to push their brand. In the ’30’s, radio was the medium of choice. Today, businesses are taking advantage of the world wide web to spread their name.
Buy local whenever you can. Buying your materials and supplies from domestic vendors will stimulate the economy by encouraging employment and profits that, in turn, can increase your own sales and revenues.
Make quality your priority. Even if your product or service isn’t one of life’s necessities, great customer care and attention to detail can give your business the edge it needs to stay afloat during tough times. Great products from a respectable provider will always have a place in society.
Surviving an economic crunch with your small business isn’t easy – but it is possible. Even startups can prosper during a recession with a bit of work and the proper goals. Keep your brand fresh on the minds of prospective clients through effective marketing, do your part to keep the economic cycle flowing, and deliver the absolute best product or service you possibly can and your business will continue to grow – even through a recession.
