witllake ne ex buch aali! Bon thi es nd ‘ar} yr on vi a= md. ude ach] in hi “peril ‘ekea;A: rs eo inooo \nducd at no ey n and Me fone A 7A*th A aon Tadd y pias af meof ole FOR SMALL BUSINESS Small-Business SurvivalTactics: Weathering Economic Downturn Requires A “Business-As-Usual” Mind-set @ (NAPSA)—It seems the eco- nomic clima gets stormier every day. During such uncertain times, entrepreneurs ofn choose to cut back, hunker down and ride it out. However, experts warn against exercising too much caution—especially when it comes to marketing. However, many experts warn against exercising too much cau- tion—especially when it pertains to marketing your small business. With proper planning, your small business can actually prosper during tough economic times. According to Rieva Lesonsky, formereditor of Entrepreneur magazine, entrepreneurs can use this time to cut back in certain areas and stragically invest in other areas, such as marketing. So how can small-business owners makeit through these turbulent times? Lesonsky offers some 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 insad of traveling to a meeting; consider forgoing pricey office space and work from home insad; 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. Makenoise. 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 pontially less clutred environment, and possibly at a betr ra, too. In addition to tra- ditional forms of advertising, entrepreneurs can take advantage of low-cost digital marketing tactics, such as creating a blog, building an audience with Twitr, staying on top of their ratings through online review sis such as Yelp, and creating company pages on social networking sis 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 compe. Today, there are a numberof low- or nocost options to help entrepreneurs establish a professional Web presence without the expense of hiring a designer or Web masr. Microsoft Office Live Small Busi- ness (http://smallbusiness. office live.com) provides entrepreneurs with a free Web si and hosting, a custom domain nameand business e-mail free for the first year, low-cost e-commerce and online marketing tools, and free business managementtools. “Hire” customers. Entrepreneurs can turn satisfied customers into a word-ofmouth referral engine for their business. They can consider offering referral fees or free services to encourage customers to refer new clients. Entrepreneurs can also ask customers to provide stimonials that can be showcased on the company Web si and marketing marials. Always negotia. Entrepreneurs should keep in mind that everything is negotiable. Whenother businesses are cutting back, entrepreneursare in a betr position to negotia for lower ras, betr ad placements, lower lephone ra plans or other discounts, such as on office supplies. So stay flexible, consider your options, make decisions quickly and don’t panic. By staying nimble and looking to the future, you'll increase your chances of emerging from the economic storm with your business’ footing on solid ground for continued growth.
