Growing a small business even when economic times are good can be difficult enough, especially if no proper planning has been put in place, but trying to grow it during an economic crisis is a lot more problematic. The recent economic crisis has seen many small businesses go under, often through no fault of their own, as markets contracted, loans were much harder to get, and energy and other commodity prices continued to rise.
Despite the small signs of improvement in the country’s economic health it can still be a struggle for small businesses to expand or even survive, but the majority of entrepreneurs will not give up without a fight – after all, it’s their business.
How businesses can flourish
The majority of business owners will always look for a way forward, even though it might be difficult. Having worked hard to set up and develop their enterprise they will look for innovative ways to keep going in hard times rather than just hoping the economy will pick up. By implementing ways to expand they will also be helping to stimulate economic growth.
No matter what the line of business, there should be a concentration and focus on clients who are highly profitable, remembering that those who are less profitable to the business take up just as much time to get as the more profitable ones. By targeting the higher end clientele on a regular, but not too intrusive, basis there may be an opportunity to meet and develop relationships beneficial to both sides.
Using the website
The website can be a goldmine for developing new business. It’s essential to keep it up to date and as user friendly as possible. People don’t want to spend time hunting down information so make it easy for them to find. Set up alerts to mine useful information for current and potential clients and send it out for free as a service with just the need for them to enter contact details. Many businesses don’t have the time to ferret out all the useful information that might help them so there is a good chance they will feel warmer in responding to a follow-up call or email at a later date where a deal can be clinched.
Investing in the business
Keeping that website up to date and relevant is one way of investing in the business, but often it’s money that is needed to buy an important piece of new equipment that will help with sales or to put towards new employees as the business picks up. There may be opportunities for low rate loans that will help plug a financial gap in the short term if there is insufficient cash available in the business.
Some businesses find they can offer services they may not have considered before, such as providing good quality web content for web-based enterprises or creating a new product to offer to a different market. By preparing in good time to meet obstacles, businesses can put themselves in the driving seat and thrive in a difficult climate.