by Brad Shimp

Created on: April 07, 2009

In today's economy, small business owners face a whole new set of challenges. Depending on your product or service, you may find your customer base shrinking. It is harder to get a traditional bank loan. Everyone has a glum outlook.

Instead of focusing on all of the negatives, lets look at some of the positives that take place in such a downturn, and how you, as a small business owner, can take advantage of them.

Positive #1: It is an Employer's Market

In the downturn, lots of quality people are losing their jobs. This is a horrible circumstance. At the same time, it presents you with a unique opportunity. If you need to hire, there is no better time. There are more qualified candidates in this kind of market. And yes, you can probably pick them up cheaper (however, don't go overboard here, you want to keep them around, after all).

Don't wait until the recession is over to hire new talent. Find a way to do it right now. If you absolutely don't have the money, consider hiring a sales person and working out terms with her so that you are putting down a minimum draw while she adds new customers quickly. Again, there is no reason to hire a so-so sales person. In this market, you can probably find an out-of-work sales star at a bargain price.

Positive #2: The Competition is Faltering

The bad economy hurts everyone, including your competition. There is a good chance a competitor or two will go out of business in an extended recession. At the very least, most will be pulling back their marketing efforts. This is a mistake that you can't afford to make.

This kind of environment is the best time to increaseyour marketing. Think about it. There will be less noise as others scale back.You will have an easier time standing out. Get out there more, and you will not only add customers, you will build confidence that your company is strong and can be trusted to be around through the recession. Customers appreciate this.

The fact is, you can grow your business during this economic crisis. You just can't do it hiding in your shell. Redouble your effort to add new customers. You may find it easier than you thought as competitors falter and crumble.

Positive #3: You are Forced to Rethink Your Model

You can run a small business for years without really paying attention to bigger picture issues. If things are going great, why should you? There is not enough time, after all. Well, the fact is, you should always pay attention to the big picture. Even a successful business can get off track.

When

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