An Inspiring Economy

You’ve probably heard news of a possible recession in the US economy. And if you’re anything like me, you’ve already grown tired of the media’s almost gleeful reporting of the approaching doom. Here’s a new spin: rather than asking yourself, ”What impact is this economy going to have on me?” how about, “What impact can I have on this economy?”

If you are a small business owner the answer is: a tremendously positive one!

Now, let’s be realistic. Chances are that maintaining, even growing, your small business during a recession won’t be easy, and you’ll have to do some “belt-tightening”. But you’ll be surprised at the unforeseen benefits such an exercise can produce. Here are a few suggestions to get you started:

• Institute an internship program: Beyond the obvious payroll savings, you’ll find an enthusiastic work force dedicated to learning. This type of program not only offers you great resources for talent but can also provide you with valuable lessons in managing a more sizeable staff. You can solicit interns via job search websites such as CareerBuilder.com or Monster.com, or even post an ad at the local college.
• Give discounts: You could increase your sales, customer loyalty and become a champion in your community by rewarding neighborhood or long-standing customers.
• Negotiate with your vendors: Ask for an extension of credit, or offer to pay in full up-front for a discounted rate. You may end up exchanging products and services: the classic “win-win” scenario.
• Don’t eliminate your marketing budget; instead, go local. Contact your neighborhood newspaper or cable provider and ask about their advertising plans.

Small businesses, those with annual revenues under $1 million, represent approximately 15% of the US market. The ones that thrive, particularly in difficult times, often do so because they trade standard conventional practices for more innovative ones. This “out of the box” thinking contributes significantly to our economic growth.

In essence, if you play your cards right, this could be your time to shine. So be inspired.

• Are we now in a recession?
  24 October 2008 5:16 AM | 1 Comment

  While the official determination has not yet been made, the economy has definitely seen better days. Small business owners not only have to contend with higher prices that affect their...

  Read More
• Why Should I Have a Separate Business Account?
  28 November 2007 3:04 PM | No Comments

  A member stopped by to see me today and asked a question that I hear a lot, “why should I have a separate account for my business.” When you have...

  Read More