Small Business Management: Slowing Economy Presents Special Challenges, Part 2

In the first part of this series, I shared with you some of the tips suggested by counselors by SCORE “Counselors to America’s Small Business.” These ideas come at a time when it’s apparent that the U.S. economy is slowing down. This often presents unique challenges for small businesses, not to mention the level of anxiety it can cause. With limited resources, it‘s sometimes difficult to keep up with trends and anticipate markets.

Here are additional tips that can help you deal with today‘s business environment:

• Step up your marketing outreach. Many businesses mistakenly see marketing as a luxury when money is tight. This is the time you need marketing most. It reassures your current customers you are still there to serve them, and it can help you reach new markets to sustain your business. Stay “top of mind” by publishing a print or email newsletter.
• Maintain good relationships with your customers. Make sure it is easy for people to contact you, and return calls promptly. Develop a Web site and dedicate a part of your Web site specifically to customer needs. Create a survey and ask your customers how you can serve them better.
• Build a support team. Establish an advisory group with key personnel inside or outside of your business. Attend seminars, read trade publications and join online message boards. Consult outside professionals to get unbiased advice.

If you are feeling frustrated or need additional assistance, one resource is to contact a SCORE counselor. They have experience with how to grow sales and handle an economic downturn, and they are willing to share their knowledge. Visit www.score.org and click on “Find SCORE Now” to locate the SCORE office nearest you.

When times are tough, there are resources out there to help you through it. By taking precautions, you can strengthen your company and ride out any economic wave you encounter.