Studio 747 - A Lifestyle Blog for Creative Minds: How Small Businesses Can Thrive During a Recession

Sunday, May 19, 2013

How Small Businesses Can Thrive During a Recession

Money & Abundance
Money is a great gauge of success, but are you fulfilling your "why"?

Although it seems like we are in a perpetual recession, there are still many small businesses that are being launched. (I don't really like using the word "recession" because it enables scarcity thinking, but that's a topic for another day.) So many businesses are succeeding and thriving regardless of what is going on. What is it about these entrepreneurs that makes them a magnet for success? In talking with various entrepreneurs on my Blogtalk Radio Show, I have come to learn how small businesses can thrive and succeed...

Remember Your Why
Successful entrepreneurs have a genuine passion for their dream and what they do. They believe in their vision and will not allow anybody or anything get in their way. Their unwavering belief in themselves and their business puts them in the “right place at the right time”, so success just naturally follows them.

We all want to make money with our business, but why? What will that money do for your vision...your family...the world? If you can always remember your why, it will inspire you to keep going.

Network Like It’s 1999
Online social sites like Twitter and Facebook have taken over, which makes it so easy and quick to keep in touch with people, but nothing beats a face-to-face meetup. Before the internet blew up people met in person to strategize and collaborate. There’s something about the energy of the human touch and coming together to mastermind that forms closer bonds.

When I attended the first Blogworld Expo in Las Vegas back in 2007, I was able to meet so many people that I previously only knew via their blogs or Twitter. It was so nice to put faces to names. From then on I’ve kept in touch with everyone I met and collaborated with many of them to help each others’ businesses.

Do you spend a great deal of time networking online and not enough time meeting people in person? Make it a goal to invite someone out to lunch or for a cup of coffee at least a couple times a month. You’ll be surprised just how much more business you’ll get!

Be Smart With Money
Even if you’re fortunate to be endowed with endless money from a venture capitalist or angel investor, that doesn’t mean you should be careless with your money. Invest in the things that really matter such as quality employees, business high speed internet, marketing, or a well-designed website that actually brings in sales and leads.

Stick to the Basics 
Good ole fashioned customer service will get you further than throwing money into hiring a pricey marketing or PR firm. Not that marketing or PR isn’t important, but when you’re a small business just starting out or growing your business, word of mouth marketing is so much cheaper.

I always like to use Tony Hsieh and his company, Zappos.com, as an example of how excellent customer service can do wonders for your business. You rarely see advertising for the company because it’s not necessary. Hsieh has instilled the philosophy of going above and beyond the call of duty into his employees, and customers just do the marketing by spreading the word of how much they appreciate the service.

What tips would you add to help small businesses thrive during a recession? Which of these will you implement into your own business?