How Your Small Business Can Survive A Recession

Did you know your business doesn't need to struggle during a recession?  Here are some tricks to helpful tricks to help your business thrive during this tough economy.

While slow growth is much better news than no growth, it still poses a challenge for your business.  Here are some steps you can take to protect your small business in the current economic environment.

Understanding your system.  It is important to have a good system in place to track your income vs. expensed. If you don't have a good enough system in place now do so immediately.  It's very important that you know the reality of your situation so that you can be prepared to weather the next few months.  If you have accountants meet with him and get up to date.

Offer incentives to your customers.  Take a close look at your customer and make sure you understand why they purchase from you. If sales are slow, now is a great time to offer discounts or special deals to customers.  Depending on your business, consider offering better terms to customers who pay in cash or who are willing to pay upfront.  Keep in mind − your customers are looking ways to save money as well. Your profit margin may be tight but this tactic may increase sales.
 
Revamp your Web presence. It's time to give your web site a makeover from top to bottom or if your not online have a site built. Change up the colors, fonts, and design. Add white space and remove clutter. Update your text as needed, and don't be stingy with visual elements.

Increase your marketing.  If you're like most small business owners, you need cash flow to get through tough economy. It's important to remember marketing leads to sales.  Think about creative ways to use the internet, phone campaigns, or other promotions.
Take advantage of your local media. Compose and send out your own press release to the daily papers, and if budgetary constraints allow, advertise with them.  Connect with other professionals in your area and industry, whether through trade organizations, networking groups, chambers of commerce, ect.

Keep your eye on the future.  Economic cycles are part of reality.  What goes down will eventually go up, so keep your attitude positive and your eye focused on the future. 

More Resources:
Surviving the recession: One entrepreneur's playbook
Merchant Circle: The Economy and Small Business
Preparing Your Small Business for a Recession
SCORE Offers Advice to Small Businesses on Five Recession Pitfalls to Avoid at All Costs