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Whether we like it or not, the business environment has gone through a dramatic change in recent years. As discussed in a prior post, “Are you the LIGHTHOUSE or the STORM?” it is hard to avoid all the doom and gloom messages about the economy that bombard us every day.

In today’s and the next Biz Tips post, I would like to share with you some tips that may help you to focus on what YOU CAN DO and the actions YOU CAN TAKE, even during these difficult economic times, to move your business forward.

10 Biz Tips for the Current Economic Reality

(Part 1 of 2)

1. Realize that “You Are Here”

Although you may not like the current economy, chances are you cannot change it.  Regardless of who may be responsible and what happened to get you where you are now, YOU ARE HERE. Stop looking backward and talking about how things used to be, and start looking and moving forward!

2. Understand the Current Economic Reality

Putting your head in the sand and being in denial won’t change anything.  Take the time to fully understand the current economic reality and its impact on your business.  Look at your business as if you just opened shop.  What are the key factors you need to take into consideration? What are the needs of your customers?  What will make you stand out from the competition?  Successful businesses change and adapt.  How does your business need to be different in this reality?

3. Seek Out Opportunities

With every challenge there is usually an opportunity.  Where are the opportunities for you and your business in today’s economic reality?  What new customer needs have yet to be addressed by you or your competition?  Small businesses are usually able to change more quickly and be more flexible than larger companies.  How can you use this to your advantage?

4. Review Your Expenditures

Now is a great time to take a close look at your expenses and to determine which ones are truly necessary.  As you consider cutting expenses, ask yourself, “If I eliminate this cost, how will it impact my company in the short and long-term?”  Consider lower cost options for obtaining the same or similar results.  Finally, contact your suppliers/vendors to see if they are willing to negotiate price or payment terms.

5. Don’t Stop Marketing

Many experts argue that maintaining visibility in today’s marketplace is more important than ever. However, marketing budgets are often the first to be reduced by small business owners. Take the time to analyze where you are spending your marketing dollars, and what returns you are realizing in each area. If your budget must be reduced, you might want to focus your available funds on those areas where overall returns are highest.

(To be continued in the next Biz Tips blog post….)