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Thriving in a Slow Economy

By: Joseph Rizk at Blue Oxygen Design Studio

Submitted on Sun, Dec 28th, 2008 9:35 am

During a downturn in the economy or a recession, business are forced to tighten their belts and take a second look at spending. But while other businesses may be suffering, your business doesn't have to be. Here are some tips to get you through the tough times.

Offer A Deal

As a business, try to focus on offering special deals on services that are easy for you to provide. Even if it is not one of your more profitable services, it is still better than nothing at all. Everyone is looking for a good deal, and they're going to get it from somewhere. It might as well be from you.

Invest In Marketing

Invest your precious money wisely by making your business look better than your competition. Although you may be tempted to cut back on all spending, cutting back on your marketing dollars could prove to be detrimental to your business. Divert more spending to marketing to capture any and all potential sales opportunities.

Every Lead is Precious

Treat every lead as an opportunity to make a sale. Even if it doesn't seem like the ideal lead, make the effort to contact them and see if you can make it work. Any business is better than no business.

Add Freebies & Incentives

Offer value added incentives along with your products and services. To entice your potential customers to choose your business, offer them either:
1. Bundled discounts
2. Promotions with a finite end date
3. Freebies if they order x amount
4. Referral incentives

Contact Former Clients

Hit up former clients/customers for referrals. Maybe they know of someone who needs your services. Or check if they are ready to do business with you again. Maybe they forgot your contact info and just needed that extra push.

Make Strategic Partnerships

To maximize your revenue stream, look for other businesses that can compliment your own. If you are a graphic designer, look for local printers that are willing to refer you business. Find like companies that are willing to pass on extra business that they can't handle and vice versa.

Improve Your Business Model

Take advantage of the down time to come up with ways to improve your business model. Take a look at your past projects to see what the pitfalls were and brainstorm ways of improving your project management methods. Working on your project efficiency is a great way to generate more revenue in a shorter time. If you finish projects faster, you will get paid faster. Improve your business model, strategies, and image in preparation for when the economy inevitably returns to its normal, healthy state.

Remember, there are lots of things you can do to improve your business, even during a recession.

About the Author

Joseph Rizk
Blue Oxygen Design Studio
Joe Rizk is the co-owner and director of operations at Blue Oxygen Design Studio. Blue Oxygen is a Graphic & Web Design firm in Orange County, California. Blue Oxygen specializes in professional web design and development as well as print design for marketing collateral. Visit http://www.blueoxygen.com for more information to help market your business.

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