Small businesses, self-employed persons, entrepreneurs, consultants, professionals are particularly vulnerable during a bad economy.
Delroy A. Whyte-Hall, head of Whyte-Hall Communications, provides some excellent advice for hard times. He shares that this recessionary period is the time for small businesses to maximize their opportunities during lean times to gain ground in achieving their business goals:
- Keep what you have while getting someone else’s. Small businesses, any business for that matter, shouldn’t just chop their promotional budgets; they should instead be re-evaluating their relationships to determine if they are getting the most for their money.
- Smart entrepreneurs shine brightest during dark times. When times are bad, there is better talent available to small businesses. Due to redundancies, layoffs, downsizing, and or the fear of them, good talents are more open to working with small businesses.
- Work hard even when there isn’t a lot of work going on. Staying busy is the key to getting out of the gate fast when the economy rebounds. Entrepreneurs, self-employed persons, consultants, professionals need to be challenged.
- Focus on marketing tactics where success can be measured and defined. As small business owners, many of you do wear many different hats. One such is being your marketing director, and as a result, many of you are running scared (or are likely to be eventually). In such a scenario you’ll want to minimize risk and waste. Therefore, the inherent measurability and relatively low cost of social media marketing tactics can be more attractive to small businesses when the economy is less robust.
There’s a no doubt that as small business owners, you’ll have much more success acquiring new business if they diligently pursue their new business goals despite the economic conditions.