by Abby Lynne

Created on: December 11, 2009   Last Updated: December 13, 2009

Opportunities that present themselves during a recession.

The big recession - scary, intrusive, instant and unpredictable! With all these negative adjectives hanging over our heads, it’s hard to stay positive no matter what industry you’re in. For this reason I would like to offer all our New Zealand small business owners and possible start up ventures a bit of inspiration in hopes that a smile and some good news may go a long way. And for those who are reading this with a weary attitude it may come as a surprise that some of the world’s most successful companies were founded during economically tough times such as Bill Gates’ Microsoft Corp in 1975 and Revlon Cosmetics during the 1930’s great depression.

Tips for small business owners and start-ups to keep on top during the recession:

Get in while your larger competitors are down

As a small business it is a great time to get ahead of your larger competitors. As recessions often happen rather suddenly your larger competitors may find themselves dealing with large losses and downturns in sales and profits that are crippling. In other words, when they are grasping at straws, you can adapt easily and freely. Take advantage of this.

Show your customers that you care

During tough times companies show their true colours and now may be a good time to show yours. Often you will find that many companies are super friendly offering a big smile and a personal touch when business is in their favor, and are impatient and aggressive when it is not. Show your customers a bit of compassion perhaps by offering a small discount or perhaps by adopting extended and alternative payment schemes. One way to ensure cash flow and a good client relationship is to offer clients and customers a discount if they pay on the spot instead of after the ‘requested 28 days’. This way the money comes in and the customer walks out satisfied. These tips are not a recommendation to let customers walk all over you, but an opportunity to lend a listening ear.

Take advantage of social marketing and free networking

With all new social marketing ventures like Twitter it’s never been easier to get your name and product out there for bottom dollar or no dollar in Twitter’s case. When big name competitors are pushing through traditional media with expensive advertising campaigns, you can hone in on your smaller more targeted market and reach them from a personal level. This includes using email campaigns,

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