Joanne Black wrote a good post, with tips on what small business owners can do in a lagging economy. While very little of her content was new, I enjoyed the post because of her tone, and passion as she wrote. Her posts described Eight “Killer Steps” to Attracting New Business in a Lagging Economy. I picked three of my favorites. If you want the rest of the list you will need to read her orignal post.
1. Broaden Your Perspective. – What business are you in? Redefine and reinvent yourself. Determine how you can create a leap in demand for your products and services. Build new alliances and consider alternate distribution channels.
This does not mean losing focus on your niche, but simply looking for new ways to serve existing customers
2. Be Nimble and Innovative. – You’ll never have all the facts. Go ahead; make quick decisions. Be fearless and make those tough choices. Create new uses for your products.
I firmly believe the worst decision you can make is not to make one. Even when you move in the wrong direction, you learn something as you retrace your steps.
7. Don’t Cut Prices. Increase Value. There’s a lot of chatter about cutting prices in a lagging economy. Many small business owners think by cutting prices, you’re cutting your profits even further. Instead, consider how to “get in and get started.” Divide your offering into smaller chunks, get results and create traction. Or, give more value.