Rafe Needleman wrote a great post the other day, focusing his remarks on strategies for High-Tech Start ups. Much of what he said is relevant for any small business owner. He suggests companies evaluate products, be realistic about growth, cut unnecessary spending – expensive travel and entertaining, but keep their eye on the ball. Keep spending on things which count! He says:
Spend into the recession, or move. If you have a runway of funding to last out a bleak year, don’t panic. But most of all, don’t stand still. Go under the radar and build your product. Talk to your potential customers.
Talk to customers – Sometimes when things get tough, business owners turn inward. They become so focused on their own operations, they forget why they are in business – to serve their customers.
So my suggestion for the comming months – as you cut back on other things continue to invest in ways to have conversations – ( dialogues not monologues ) with your customer. Knowing where they are in the comming months will help you figure out where you need to be