Low-cost and no-cost survival tactics require a 'business-as-usual mindset.'
REDMOND, Wash., Sept. 24 /PRNewswire-FirstCall/ -- As the economic climate
gets stormier every day, many small-businesses owners are facing mounting
pressures. During such uncertain times, entrepreneurs often choose to cut
back, hunker down and ride it out. However, experts warn against exercising
too much caution -- especially when it comes to marketing.
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According to Rieva Lesonsky, former editor of Entrepreneur and blogger for
Microsoft Office Live Small Business (http://smallbusiness.officelive.com),
entrepreneurs can use this time to cut back in certain areas and strategically
invest in other areas, such as marketing. 'It may seem counterintuitive, but
increased marketing and sales activity can be an effective way to bolster your
business and weather economic storms,' Lesonsky said. 'In fact, marketing is a
key component to your small business' survival.'
So what should current and aspiring entrepreneurs do during these tough
times? Lesonsky offers the following advice:
* Keep overhead low. Entrepreneurs should take a hard look at their
expenses and scale back on nonessentials. Some big cost-cutting areas include
business travel, labor and rent. For example: Entrepreneurs can try
videoconferencing instead of traveling to a meeting; consider forgoing pricey
office space and work from home instead; and re-examine their staffing plan to
ensure they have the right amount of coverage for their current level of
business, keeping overtime costs to a minimum.
* Make noise. In this economy, competitors are likely cutting back on
marketing spending too. This provides an opportunity for entrepreneurs to get
their marketing message out in a potentially less cluttered environment, and
possibly at a better rate too. In addition to traditional forms of
advertising, entrepreneurs can take advantage of low-cost digital marketing
tactics, such as creating a blog, building an audience with Twitter, staying
on top of their ratings through online review sites such as Yelp, and creating
company pages on social networking sites such as Facebook and LinkedIn.
* Have a strong online presence. Increasingly, consumers are using the Web
to find businesses of all sizes, so it's really crucial that small businesses
be visible online in order to compete. Today, there are a number of low- or
no-cost options to help entrepreneurs establish a professional Web presence
without the expense of hiring a designer or Web master.