Recession Busting Tips No8 - Promote

Firstly, Happy New Year to all my readers; here's hoping that 2010 is a good one for all of us small business owners.

So to continue with the recession busting tips theme.....

Promote the good things about your business.

What is it that sets you apart from your competition, if you do not know what your USP is, then find out quickly and put it in place and make sure everyone knows, staff included.

Now you have a USP that sets you apart from the competition, something that your customers like and the reason they choose you. You must now promote your USP like crazy, if some people like ‘it’ then lots more will also like your product or service, but remember you must keep your promises.

Shout about what makes you different from all the rest, commit to a level of customer service and keep to it, have an unbeatable guarantee and give your customers confidence in you and your business.

Recession Busting Tips No7 - Be Visable

It is vital in times of recession that you and your business are very visible to existing clients and potential new customers.

In a recession a steady stream of marketing is the lifeblood of your business, this puts you head and shoulders above your competition, be seen on the web and in print and get chosen.

Marketing is a vital tool in this current climate not a luxury, so ensure your profile is out there.

Recession Busting Tips No6 - Your Staff

Use the thoughts and experiences of one of your biggest assets, your staff. Remember they want your business to succeed as much as you do, particularly during a recession.

Ask you staff what they think, what ideas they have, ask for their input. This will make them feel more valued and part of the team and you may be pleasantly surprised about the ideas they come up with.

One or more of them may produce a great idea which may be very successful and make all the difference, if so remember to reward the person. Show your appreciation, get them involved and other great ideas will come in the future.

Recession Busting Tips No5 - Financial Status

Always be fully aware of the current financial status of your business and how the next few weeks will impact on it, know the current outgoings and expected income.

Always communicate with your business bank manager. Try to keep in regular contact (this will vary depending on your business and its requirements), keep them informed of your circumstances and if you think you may have difficulties get their help, sooner rather than later.

Always keep to your commitments and do exactly what you say you will do, the bank will look more favourable on you and your situation.

Whatever you do “DO NOT BURY YOUR HEAD IN THE SAND!” This can be fatal.

Recession Busting Tips No4 - Negotiating With Suppliers

Don’t shy away from asking for a better cost price from your suppliers, even if you have been working with them for many years, don’t just assume, you already get the best deal you can, because you may not!

To strengthen your bargaining power try to establish your competitors selling and cost prices if possible, if you cannot get costs at least get the sales price, it will allow you to make some judgements about margin etc ready for your negotiations with your supplier.

Use all your market information to its maximum potential to assist you in reducing your buying price. If you cannot manage to get price reductions across the board on all your products, at least target your most popular selling items and get a reduction on those.

Recession Busting Tips No3 - Check & Double Check

In a recession it is essential that you get credit checks on all your customers. It is good practice at any time, but it is even more important in a recession.

If you have not been doing this, it is never too late to start and if you have customers who do repeat business with you, get them checked out as well because things can change in their businesses too.

Also get a credit check on your suppliers, you do not want to spend time and money promoting a product that could disappear or have an intermittent supply line.

Try to take as many of the risks of doing business away, to make your position as strong a possible.

Recession Busting Tips No2 - Show Me The Money

Your customers are vital to your business, without them you have no business, but so is the money.

Money is critical to your survival, and a steady flow at that, so it is absolutely vital that you get your invoices out on time and that you get paid for the work /products you have supplied.

Good cash flow is critical to your continued survival in this difficult climate and is what will set you apart from the rest.

Very few of us like to chase our customers for payment, but a little time spent now will reap the rewards in the New Year.