Small Business Growth

Ten Tips for Weak-Economy Entrepreneurship

By February 23, 2009December 29th, 2015No Comments

Found an upbeat article to start off my week.  Based on short interviews with successful business owners in Maine, I found ten ideas for business growth in weak economy:

  1. Reinvent — consider how your products and/or services can realign with a changing market
  2. Customer focus — learn what your customers want and need today, not what they wanted last year or ast month
  3. Broaden your targets (BtoB)– whales are hunkering down and cutting costs; look for companies that are opportunistic and trying to increase their market share
  4. Conversely, narrow your targets (BtoC?) — identify or create a new niche
  5. Widen your audience — can you expalnd your niche geographically? are there potential new customers because of the economy?
  6. Watch for and create “new trends” — e.g. what do families need when both parents are working? convenience? child care? pet care? co-op services? home delivery?
  7. Cut costs, focus on revenue —  horde cash, invest prudently to acquire new revenue but not to cover operating shortfalls
  8. Be aggressive–appear to be a company that is thriving and the odds are good that it will be true.
  9. Maintain visibility — time to shine when others are hiding out.
  10. Stay positive — negativity is no longer news.  Be a spokesperson for the entrepreneurs of the world!

What are your best tips for staying successful? for growing your business today?  What business opportuniuties have you uncovered?