Bad economic news doesn't have to be bad news for your small business. Your business can thrive and grow in a slowing economy if you make it recession-proof. Here are 3 things you can do immediately to start recession-proofing your business.GET MORE FOR YOUR ADVERTISING EXPENSE
The return on your advertising expense will shrink during bad economic times unless you take specific actions to prevent it. Look for ways to keep your sales volume growing without increasing your advertising expense. For example:
** Negotiate Price With Advertisers
Advertisers are hit hard during an economic slump. Many are willing to negotiate a special discount to keep your business -- or to get it away from their competitors. Take
initiative when you're placing an ad. Ask for a discount ..or a bigger discount than one already offered.
** Trim Your Ads
Reduce
size of your ads so you can run more ads without increasing your total cost. Don't be surprised if some of your short ads generate a bigger response than your long ads. The most effective ad I ever used was only 11 words.
** Generate Free Publicity
Start a publicity program for your business ...or expand
one you already have. Publicity produces sales for a much lower cost then advertising. For example, find something newsworthy about your business. Write about it in a news release and distribute it to publishers.
TAKE ADVANTAGE OF YOUR EXISTING CUSTOMERS
Your customers already know you and trust you. It's easier and cheaper to get more business from them than to get any business from new prospects. Here are 2 ways to use your relationship with customers to generate additional business.
1. Offer Them Related Products Or Services
Find or create additional products and services you can offer to existing customers (and to new prospects). Your new products or services should be closely related to those your customers originally bought from you.