Last Small Business Standing - How to Outlast the Competition
1.
Hang In There: Even if business has dropped off dramatically, you need to remain solvent long enough to make your dramatic comeback when the economy improves.
The nightly news is more often than not scary, driving many small business owners to quit the race rather than shifting gears to accommodate the new economic conditions.
Remember, you can't possibly win if you don't have a car in the race.
2.
Supplement Your Income: If necessary, temporarily look for income from other sources, perhaps a part time job, which will help you survive while you are keeping your primary business afloat.
Consider returning to a former career or picking up some evening and weekend work.
3.
Keep In Touch With Clients/Customers: Even if your past customers or clients are not currently ordering your product or using your service, it's wise to maintain contact with them even if it is only an occasional postcard to let them know you are still in business and still thinking of them.
4.
Almost Everyone Is in the Same Boat: Remember that most businesses and individuals are experiencing the same slump you are and they will appreciate your efforts to maintain contact and express your concern for their economic challenges.
When things improve, they will remember your loyalty and kindness, giving you a big advantage over your less thoughtful competitors.
5.
Make Them An Offer They Can't Refuse: As you keep in touch with your customers, in addition to offering them moral support in these hard times, offer them something more concrete, like a deep discount on one of your products or services.
You'll very likely drum up a little business along with the good will engendered by your generous discount.
6.
Speed Up When Things Slow Down: Use your spare time to come up with new ideas and products to launch when the economy recovers.
Schedule regular brainstorming sessions to bounce around concepts and strategies that might improve your prospects in the challenging economic environment of the twenty-first century.
7.
Outwit and Outlast: Think of this slump as your opportunity to outwit and outlast the competition.
Many small business owners are throwing in the towel, especially those with businesses that are in any way connected to the housing industry.
Your persistence will place you at the top of the heap when things pick up again.
8.
On A More Personal Note: It's difficult to maintain a positive outlook in troubling times but negativity is contagious and tends to proliferate if left unchecked.
So, work on your own attitude, eat and sleep sensibly and exercise to elevate your mood and energy levels.
At the very least, you will have enhanced your physical well-being and readied yourself for the challenges ahead.
Hang In There: Even if business has dropped off dramatically, you need to remain solvent long enough to make your dramatic comeback when the economy improves.
The nightly news is more often than not scary, driving many small business owners to quit the race rather than shifting gears to accommodate the new economic conditions.
Remember, you can't possibly win if you don't have a car in the race.
2.
Supplement Your Income: If necessary, temporarily look for income from other sources, perhaps a part time job, which will help you survive while you are keeping your primary business afloat.
Consider returning to a former career or picking up some evening and weekend work.
3.
Keep In Touch With Clients/Customers: Even if your past customers or clients are not currently ordering your product or using your service, it's wise to maintain contact with them even if it is only an occasional postcard to let them know you are still in business and still thinking of them.
4.
Almost Everyone Is in the Same Boat: Remember that most businesses and individuals are experiencing the same slump you are and they will appreciate your efforts to maintain contact and express your concern for their economic challenges.
When things improve, they will remember your loyalty and kindness, giving you a big advantage over your less thoughtful competitors.
5.
Make Them An Offer They Can't Refuse: As you keep in touch with your customers, in addition to offering them moral support in these hard times, offer them something more concrete, like a deep discount on one of your products or services.
You'll very likely drum up a little business along with the good will engendered by your generous discount.
6.
Speed Up When Things Slow Down: Use your spare time to come up with new ideas and products to launch when the economy recovers.
Schedule regular brainstorming sessions to bounce around concepts and strategies that might improve your prospects in the challenging economic environment of the twenty-first century.
7.
Outwit and Outlast: Think of this slump as your opportunity to outwit and outlast the competition.
Many small business owners are throwing in the towel, especially those with businesses that are in any way connected to the housing industry.
Your persistence will place you at the top of the heap when things pick up again.
8.
On A More Personal Note: It's difficult to maintain a positive outlook in troubling times but negativity is contagious and tends to proliferate if left unchecked.
So, work on your own attitude, eat and sleep sensibly and exercise to elevate your mood and energy levels.
At the very least, you will have enhanced your physical well-being and readied yourself for the challenges ahead.
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