In the Loop

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Adapting to changes brought on by the economic recession can be a challenge for business owners. To stay afloat, many small businesses are implementing creative tactics - from budgeting resources to embracing new technology. 

In our monthly Idea Exchange, where we pose questions to the Community about various topics, as well as the content, features or services provided by Business.gov, we asked "What is one effective tactic you've taken in response to the recession?"

Here's what you had to say: 

• Embrace the Internet and Web 2.0 - ElmStreetDesign points out that small business don't have the resources to compete with bigger companies.  Instead of just relying on tactics like word-of mouth and paper fliers, he suggests that small businesses capitalize on the social media wave. 
  
  Here are some recent articles to help you get started on the Web:
  • Starting and Growing an Online Business: An Entrepreneur's Checklist
  • Thinking of Starting a Blog? Tips to Help You Start, Maintain & Grow a Small Business Blog

• Order Supplies and Inventory Online - Comparing prices online before you buy, as Ecksman suggests, can help business owners save.  Try online researching when looking to buy those big ticket items for your business, or use comparison shopping to restock your inventory with items you have to purchase every month.

• Leverage Professional Memberships and Volunteer Activities ­­­ - One member, JStephenson, explains how joining groups like his local Chamber of Commerce and volunteering helped him to interact with other businesses and facilitate contract relationships.  Read his story here.
  
  
  • If you need some tips on how to best represent your business through professional relationships, consider public speaking to boost your business's profile.
  • Learn how to making a lasting impression on potential clients with these tips: Why Your Business Needs an Elevator Pitch

• Review Your Profits And Your Losses - Petrosianii suggests that business owners should go back to the books and look at their past profit/loss statement to cut costs.  As the end of the year is fast approaching and tax season looms, taking a thorough assessment of your business bookkeeping could lead to savings and smart cost cutting decisions.

• Invest In Yourself - Justice5 suggests that small businesses owners take time to continue their education and training.  He says "I've bought more business/marketing books, gone to more courses, and attended more seminars this past 18 months than ever in my life and I am seeing immediate returns."

• Free training and assistance resources are available to small businesses throughout the US.  Learn more about online tools or local in-person training in your local area.

Thanks to everyone who shared insightful and practical tips on how they are weathering through the recession.  If you would like to read all the responses or see past idea exchanges, visit the Past Idea Exchange board.

More Tips for Keeping Your Business Afloat:

• Surviving the Recession and Planning for a Rebound - How Small Businesses are Doing It!
• Five Holiday Marketing Tips to Help your Small Business Stay Profitable & Top of Mind this Year!

What's Next for the Idea Exchange?

The current idea exchange "Showcase Your State or Local Government Website" will run until December 1.  Please submit your thoughts and vote on the ideas you agree with by clicking Kudos!

Message Edited by ZanetaB on 11-18-2009 03:45 PM

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I have actually tried to stay in touch with my customers more by employing the use of a CRM application in my current business. It really helps my employees organize customer information so that I do not lose them as they are also affected by the recession.

Message Edited by ChristineL on 11-19-2009 10:10 AM