Will Your Small Business Survive?

Small Business Survival – Can Your Company Make it Another Year in a Down Economy?

small business survival

You have survived a bad economy thus far but will you still be able to hold out?

The last few years have been very tough on small businesses, as we all know. Everywhere in the Western world, 1,000s of shops, little companies, and individuals have either gone belly up or suffered poor sales and dwindling market share.

But obviously you have been one of the lucky ones. Through hard work, cost cutting, or sheer old-fashioned stubbornness, you’ve been able to survive this hard economic times.

But like a prize fighter in a protracted boxing match that has gone on longer than expected, you may become “punch drunk” or careless due to fatigue, hopelessness or underestimating the threats found your situation.

So the only way to combat this issue is to take massive action and continue fighting the good fight. But in a case like this instead of continuing to pull back, you must now come out of your corner with a renewed sense of urgency.

It’s a little-known fact that during the Great Depression of the 1930s, many great companies not only survived but thrived, businesses like Johnson & Johnson and Proctor & Gamble and of course the iconic Sears.

This was because these companies viewed the closing down of their competitors as an opportunity to increase market share and create products and services to replace those that were no longer available for sale.

But in order to take maximum advantage of this situation, they chose to commit themselves to using increased marketing and promotional campaigns.

By leveraging their marketing during a time when other surviving competitors were pulling back, they were able to overcome the deep dips and low spots that naturally occur during any economic recovery.

So how can you you’ll utilize this technique for your small business? Especially if your ad budget is tight? This means you may have to use marketing methods that you are not familiar with or comfortable using such as the Internet.

By leveraging your website and other online tools you can reduce or cut back on your traditional advertising or public relations budgets.

Small Business Survival – Through Business Blogging?

I have mentioned in other posts that you should make the most of your small website by  developing it into a focal point for both your off-line and online marketing efforts.

By using your website as an all-in-one container for information that you normally would have as printed documents (such as direct mail sales letters, postcards, flyers, or brochures) you can save yourself a great deal of money.

And by building an e-mail list, you can create a community of responsive customers, who you can then contact to offer additional products and services.

As we all know it is easier and less expensive to sell more product to a current customer than it is to go through the hassle and cost of acquiring a new one.

While Internet marketing is not  the cure-all for a bad economy, it can allow you can reduce your current overhead while growing your business quickly using online strategies.

If you want learn how to use online marketing to survive a while longer, then I invite you to signup for my free ebook, “Boost Your Sales!”