With the recession in full force, unemployment rates skyrocketing and "doom and gloom" financial news everywhere, many small business owners, including consultants, coaches, trainers and other service providers, are allowing themselves to be caught up in a disaster mentality.
Given the current economic climate, it's no wonder that many small business owners believe they have to "hunker down" and just ride out the storm, by implementing such fear-based tactics as cutting back on spending, downsizing staff and postponing launching new programs and products.
But this fear-based approach may be counterproductive. Over 85% of small to medium size businesses fail within four years of startup, with one of the primary reasons being inadequate marketing. This recession could actually be an opportunity in disguise.
There are five ways that you, as a small business owner can reposition yourself so you and your business can actually profit from the recession, rather than allowing yourself to be damaged by it:
1. Go where the money is: by launching a premium service to tap into the sizable portion of consumers who have more discretionary income than ever 2. Take advantage of less competition: with less clutter in the marketplace you will stand out. Now is the time to market more, not less! 3. Add (or ramp up) your online marketing plan: online sales are expected to continue to grow, with no slowdown in sight. 4. Negotiate deals: exceptional values on office space and equipment have never been better and the pool of available great employees has increased, allowing you to bring on star talent without breaking the bank. 5. Educate yourself: about what is actually working for successful entrepreneurs right now, so you can implement those strategies in your own business.
By taking action, rather than sticking your head in the sand, you can reposition yourself in this economy and essentially "recession-proof" your business.
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