Keeping Your Small Business Thriving in Tough Times | Make ...

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The recent economic recession is one of the most serious financial blows our world economy has taken in the last several decades. Its influence ranges from finance to real estate to online businesses to small businesses.

While just about everyone?s affected, there are still many businesses that are thriving. How can you make sure you still do well in these tough economic times?

Here are a few tips.

Offer a Cost-Saving Option

When faced with choosing between either a cheaper option or a higher value option, many consumers today would choose to go with the cheaper option.

Instead of just selling your normal product line, consider creating a ?lite? version for customers who still want to use your product but don?t want to spend all the money.

Starbucks is selling their coffee in packets instead of just ground beans for a fraction of the price. Cable companies are offering fewer channels. So on and so forth.

How can you offer cost-saving offers for your customers?

Go International

Have you considered shipping internationally or servicing international customers?

Hardest hit in the recent recession are the United States and the European Union. However, many Western countries like Australia, Canada and New Zealand still have very strong economies. In fact, all three countries have higher than USD valuations on their currencies at the time of this writing.

If your business is online, it can be as simple as changing your targeting, PPC and SEO techniques to target these countries. If you ship physical products, you?ll need to explore the various laws and regulations surrounding shipping products internationally.

Consider Part-Time Workers and Outsourcers

Try to cut back on full-time employees. Try to cut full-time employees to part time; if possible switch to outsourcers.

Downsizing isn?t easy for anyone. There?s the financial blow, the blow to pride and most importantly the pain we know we?re causing to the people being laid off.

Unfortunately, if the numbers just can?t justify having someone on full time, the only right move is to cut spending.

Growing Your Business Despite Tough Times

Though tough economic times do mean customers are spending less money, it also means your competition is likely facing the same issues.

You?ll have less competitors and weaker competition. More likely than not you won?t have new competitors opening new businesses.

In other words, you actually have a very unique opportunity. Your competition is weak; and if you can find some way to differentiate yourself you may be able to corner the market.

Try to find some sort of differentiating factor about your product or service that you can put on the market.

The recession isn?t an excuse to give up. Instead, it should be a rallying call. Treat it like a window of opportunity; as it very often can be just that.

Related posts:

1. Small Business Outsourcing Top Tips
2. Using Local SEO For Your Business
3. Tips for Keeping Your Small Business Going When You Can?t Run It Yourself
4. EBay: Tactics on How to Get More Bids on Auctions
5. Starting A Work At Home Business

Source: http://www.makemoneyonline.info/keeping-your-small-business-thriving-in-tough-times/

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