" If you can't stand the heat, get out of the kitchen." Said Harry S. Truman, the thirty-third President of the United States in a rallying cry to the nation. With the country in a recession, small business owners need a rallying cry, to keep their businesses growing during tough times. Paying bills, making payroll, and growing a business can be relatively easy during the best of times. But how does a small business not only stay afloat but also thrive during an economic downturn?
Business owners, you'll have to work harder, but hard work pays off. Here are ten tips to grow a small business during a recession:
1.Do your homework. Continually reading magazines and newspapers specific to your industry can only benefit the small business owner. By targeting business specific websites, owners will be in the loop. By knowing what is going on in the industry you will always be on top of new trends, thus maximizing the bottom line.
2.Cutting costs with a light hand. While cutting away at the fat can help rein in costs and bring in more profits, don't kill your business. Think of where to cut costs and how that will benefit the business, while not limiting the business.
3.Stop making the same mistakes. Figure out where things are not working properly and find out why. Make the necessary changes to ensure growth in all areas of the business take place.
4.Don't cut out the marketing budget. Marketing the business can help it grow, especially during tough times, and by cutting advertising, and a website out of the budget can keep people from realizing what a great product you are selling. You have to sell to make sales!
5.Get help from local government. Almost every city has programs to aid a small business from start up to continuing growth. Phoenix, Arizona for example is seeing record growth and is still growing during the recession. The City of Phoenix has many different programs to help a small business owner. (Online it is Phoenix,gov).
6.For female business owners, many cities across America help a woman secure business loans. The City of Phoenix has a minority woman and small business enterprise program that assists women not only with getting a loan but everything from marketing to accounting to human resource management.
7.To grow the business during tough times, network with other business owners, and managers. Have a summit with various business owners in the same field your business is in, and talk about how each business is growing their businesses. Certainly you are in competition with each other, but friendly competition can assist in the overall growth of everyone's business.
8.Go back to school. Take courses in business management, and time management. Phoenix Arizona has one of the strongest economies in America, and they have a wonderful educational assistance plan for small business owners. If it works for Phoenix, it can work for you.
9.Provide great customer service. Go out of your way for new customers, while continuing to give existing, customers reasons to keep coming back.
10.Motivate the staff. Providing an incentive plan, such as a day off with pay, or employee of the month honors can create an arena of competition. Employees will want to work harder to keep their jobs in tight times and it will be a win-win situation.
Small business owners must have a little Harry S. Truman in them to take on the hard work, dedication, and determination of operating a business. During hard times, a business can grow, and thrive with a little know how and some outside help.
Sources: About.com and Phoenix.gov
Learn more about this author, Kate Johns.
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