Don't Let the Big Bad Economy Control Your Business

Written for "365 Days of Startups"

Stop letting the big bad economy control your business. If you have said “business is not good because of the economy” then you may be making excuses. Only you really control the rise and fall of your business. You ultimately make the decisions. Not the economy. A down economy is merely one more obstacle to overcome. Granted, it’s a big obstacle, but just imagine what your story will be when you beat it. A few tips on how to overcome the obstacle of the current economic condition and move your business forward:

1) Remind yourself of your business strengths and weaknesses. Now lose the weaknesses and concentrate only on the strengths of your business. More times than not, it’s probably that core offering that took you to market in the first place. While it is crucial to stay up on customer needs given an economic shift, you cannot forget about your core offering.

2) Don’t be all things to all people. Be sure not to add ten more offerings to your business just to respond to the economy. This will only degrade your existing brand and confuse your existing and potential customers. Be smart. Be strategic. Stick to your core and what you do best. Improve those offerings, bundle with other products and services… maybe even lose those that are not profitable. When all is said and done, if you absolutely must add a new offering, make sure it is a perfect marriage with your core.

3) Adding value to what you currently offer in response to customer need is a great strategy. Find out customer pain points given the economic condition. Offer a value add to your existing offering. This way, you maintain your value as a company, you are showing your customers that you care and you are building on your strengths for future success.

4) Be careful not to offer too many things for free or half off as a marketing strategy. This may appear like a desperate act to any new potential customers. And you don’t want to set a “low or no cost”precedent right off the bat if that’s your only marketing. Remember that you should be paid for your value. There is no harm in bundling a free offering with another service or announcing a fun marketing campaign that gets you more customer data for your future marketing efforts.

And maybe the most important thing you can do for yourself to beat the punches from the economy? Believe you can do it. A positive attitude can not only put you in the right mind set to accomplish your goals, but it can also be felt by your customers, your employees and your vendors.

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