Smart Business For A Small Business In A Down Economy

As business owners and entrepreneurs, we've all endured the financial blows of this recession. In fact, the downfall of the economy has had a major influence on small businesses, online businesses, and the housing market. Honestly, we haven't previously seen anything this serious affecting businesses and households for many years.

Even though many are affected, many businesses are also finding ways to stay in the game. So the question is; How are they doing it in this terrible economy?

Well, there are several smart moves that we can consider to keep our businesses growing, even during tough times like what we are experiencing right now.

1. Try the "discount" route

It's imperative for an entrepreneur to charge for their value. This is how you stay in business. But due to the circumstances, having a cut-rate option makes it easy on the pocketbook for the customer and still keeps you in business. Customer loyalty is everything for a business to survive. You always want to serve the needs of your customers and keep them happy at all times.

I'm not saying you should recreate an entire product, but in addition to your product, consider taking a part of a product and making it accessible for those who want to use it, but don't want to spend a lot of money to do so. Having different versions and options to choose from for your product is a definite way to keep your returning customers.

Bigger companies such as At&t and Direct TV offer several different packages to suit the needs of their customers whether it be for a business or residential account.

What ways can you offer inexpensive rates to your customers?

Global Servicing

Truth be told, the United States took the hardest blow in this recession but there are many countries around the world that still stand strong economically.

If you aren't currently doing so, considering international service should be at the top of your list. The greatness in this option stems from simply targeting these countries by using the marketing strategies you already know along with redirecting your search engine optimization and pay per click ads.

Make sure you review the laws and regulations surrounding shipping products internationally if you ship tangible products.

Outsource it

Before you get into a "failure to thrive" mode, cut back on the hours of your employees if you have to. There are many tasks and projects that can be outsourced. If you are trying to cut back on spending, this is something to consider. You can find great outsourcers on sites such as elance.com or odesk.com that will assist you for an affordable price. The last thing you might want to do is lay someone off but the bottom line is, the numbers have to work. If you can't afford it, the only option is to make these changes.

Take your competition to the next level.

Tough times equal less spending. Do you think your competition is experiencing these same issues? Of course they are. Some of your competitors will grow weak and others will fall off the bandwagon completely. Even more so, you won't have to deal with new competition. Take advantage of this opportunity. Find ways to step your game up and position yourself to dominate the marketplace.

This is where your unique selling proposition comes into play. What makes you stand out from your competition? Find the differentiating factors to answer this question to improve your perceived value in the market.

By all means, the recession should not be an excuse to give up on the success of your business. Instead, make this your time to be better than before. Use this time as an opportunity to grow, as a person and an entrepreneur.