5 Smart Business Choices For Thriving In A Down Economy

A recession is always challenging for businesses, no matter how small or large. And especially today as the credit markets remain tight and consumer confidence continues to plummet, companies have begun to panic. But, savvy business owners can not only weather the economic storm, but emerge as dominant forces within their market. All it takes is few shrewd choices and plenty of diligence. Here are 5 smart decisions that can help you navigate the rough waters of the current recession.

#1 - Plan Your Week In Advance

Too often, small business owners fall into the trap of reacting to circumstances. That can destroy your productivity. Set aside time at the end of each week in order to plan the following week. Consider the actions you'll need to take and the resources required to take them. That can include meeting with vendors, planning your advertising efforts, and catering to your customers' needs. By planning your week in advance, you can avoid reacting to emergencies which will help preserve your budget.

#2 - Be More Responsive To Customers

As a small business owner, one of the advantages that you enjoy is your ability to respond quickly to your customers' needs. In a recession, that flexibility and responsiveness becomes critical to your success. Take advantage of it by developing a "response plan" for your business. For example, check your email every 2 hours throughout the day and respond to questions from prospects and customers. Follow that "response plan" diligently.

Remember, finding new customers is always more expensive than selling to existing customers. Be more responsive and you'll reduce the attrition rate.

#3 - Cut Your Costs

Even companies that pride themselves on running lean operations develop bloat over time. There are always opportunities to reduce your expenses. Ask your vendors and suppliers for discounts. Consider eliminating employee perks that are unnecessary. Replace in-person meetings with conference calls (we'll explain this in more detail below). This is the perfect time to review your monthly costs. Every dollar you save can be reallocated to efforts that can help your business grow; for example, advertising.

#4 - Maintain (Or Increase) Your Advertising

Whenever rough economic times cause turmoil in the business landscape, the first budget to be slashed is advertising and marketing. That decision can be disastrous. By reducing your advertising efforts, you risk losing market share to your competitors. That's not to say that you should indiscriminately flood your market with advertising. Instead, consider the impact of each media buy; allocate your resources toward those which yield the most productive results.

#5 - Replace Face-To-Face Meetings With Conference Calls

Every face-to-face meeting that you organize with your clients, vendors, or your staff carries an enormous cost to your business. Hard costs include transportation, hotels, and food expenses. Soft costs include lost employee productivity and diversion from existing projects. Phone and web conference calls all but eliminate many of these expenses. Not only are conference calls more cost-effective than face-to-face meetings, but they're also far more convenient. They can be organized on short notice for a fraction of the cost of meeting in person.

Growing Your Business In A Recession

It has never been more important to uncover opportunities in your business to save money and use your resources more effectively. That includes planning, being responsive to customers, and maintaining your advertising efforts, even as your competitors are pulling their own efforts back. Also, be aware of opportunities to reduce your expenses; using conference calls as a replacement for face-to-face meetings is a perfect place to start.

The key to remember is that a recession, while financially distressing, can set the stage for positioning your company to take advantage of the coming economic recovery.

Businesses worldwide confidently rely on ConferenceSuite to deliver the best audio, web and video conferencing services at the best rates. For more information, visit http://www.conferencesuite.com