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.

This entry was posted on Tuesday, April 29th, 2008 at 7:27 am and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.