Everyone right now who owns a business is noticing the affects of the economy right now. As a small business owner I know exactly what everyone is going through, as my own income has dropped significantly the last several months. The need to work longer hours for internet marketers and the need for small home business owners to take a look at how we can adjust during this financial crisis is among us.
Here are 5 tips any small business can use to survive during our current economic situation.
To keep your bottom line income up, look for ways you can cut costs. Cut out any spending that is not making money currently. Start to barter for products and services. I have always been a fan of bartering when possible and there is no better time to barter than now!
If your business has slowed down, take the opportunity to review other money making opportunities. You may find one opportunity is doing much better than another right now. The one good thing about my business is that I do have multiple streams of income. In the event I lose one source of income I still have several others I can rely on.
Right now banks are not lending as much money as normal, so you need to make sure you have enough money to last through the rough times. If you have savings accounts or any additional extra money, invest this money into a short term IRA or other investment opportunity. Make sure if you do invest any money it is in a short term agreement, that way in the event you need it you will not be penalized.
If your business is slow right now, take the opportunity to work on other aspects of your business that you would not normally spend as much time on. Start networking more or work on the promotion of your website. Start looking for free ways you can promote your business and work on those while you are slow with business. When the economy picks back up you will be prepared.
Do not throw in the towel on your business. Things will get better. I am sure many small businesses are frustrated and ready to call it quits right now, which I can understand. Stay motivated at all costs. Read these 3 motivational tips and focus your time on productive activities that will help build your business back up when the economy is back to normal!
Do you have any other tips for small businesses during this slow time?