Tips to ride out of the recession as a small business

Worried about how to ride the post-recession wave to future business success? Some answers were provided by small business expert and business catalyst, Susan L. Reid. In a recent article on openforum.com, she wrote that as we move slowly out of financial crisis small business owners should be positioning themselves and their business for post-recession success by implementing seven basic steps. Read what Susan Reid proposed… 1. Invest in education Without spending too much, invest now in any education you need to make your post-recession business a success. Attend seminars online and in person, read books and trade magazines, and make sure you’re reading what’s on the cutting edge in your industry. 2. Pay off debt If you can pay off any debt, now is the time to do it. Taking on debt during a recession is common; however, now that the recession is lifting, don’t add to it. Pay cash for everything you need. Put your credit cards in the freezer. 3. Go “Zen” on extras Now that money may be flowing a little more, resist the urge to splurge on extras you don’t need. Think before you add all the bells and whistles to your business or cell phone. Think before you buy new technology. Do you really need that Starbucks’ latte twice a day? 4. Follow the market Read the papers or watch the news. Know what is happening and stay on top of it. 5. Renew contracts Have your new clients sign a long-term contract and your current clients renew or extend their contracts with you. 6. Hang on to your property While it may seem like a good time to sell your home or business property, don’t. At this moment in time, you won’t get top dollar and may still end up losing money. Instead, begin projects that will improve the quality (and eventual selling price) of your home or office 7. Don’t cut prices Right after a recession, it is common for small business owners to think that cutting prices will help them attract more clients and customers. Don’t do it. Keep your prices steady, while offering your customers a coupon or a rewards program, to reward them for sticking with you during tough times. Susan Reid’s suggestions, reprinted on SmartBrief.com, make total practical sense . Harness them as a ’eureka moment’ to help change the way you and your team gear up for a profitable future. And if you are looking for some highly efficient, cost effective promotion and marketing help we at Wanobe highly recommend Lupo Publicity (a wiz PR firm) and TKGB (a superb producer of digital publishing tools and content)…

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About Wanobe, the business knowledge network
Writer, journalist and broadcaster, sixty-something David likes nothing better than being with family and friends, eating out and drinking great wines, and scuba diving.

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