Running a small business is not that easy even during the best of times. When the economy is not exactly rosy, things become even harder. But it is not impossible, especially if you take a look at these tips and follow them at your discretion.
Do not cut costs radically.
This might go against your better sense, but cutting costs left and right might do your business more harm than good. The idea here is to cut costs cautiously and not without considering the long term effects. Just make sure that whatever you cut back on will not have negative effects in the long run.
Consider work-at-home options.
Not everyone is open to this idea but you might be able to keep your budget healthy and keep your business running at the same time. If it is possible to close the office down (cut back on overhead costs) and have your employees work from home, then by all means consider doing it! With technology the way it is today, you will not have problems running the business even with people based in different physical locations.
Advertise!
Again, this might not seem to make sense. Times are tough, why spend precious resources (time and money!) on advertising? Well, in times of economic problems, the first instinct of most people is to cut back and definitely NOT advertise. If you grab this opportunity and advertise when your competitors are lying low, you will certainly reap the benefits.
Originally posted on July 27, 2009 @ 4:01 pm