What a rollercoaster of weeks for our economy! With the national debt debacle and the volatility of the stock market, the nerves of many of us are on edge. Yet if you take a step back you can see it’s not all bad: the US dollar is up, oil prices are down, the job report recently released was better than expected, and interest rates remain low, which means no inflation for now. So what to do as a small business owner in the midst of all of it? Here are a few tips on keeping your boat steady amid the economic winds.
Stay calm. Don’t panic. During these times keep a clear head, and do not act out of fear. The media will always be full of stories of drama because that is what makes the news. Recognize that there are many economic indicators and not just what is making that day’s headlines.
Stay the course. That is not to say that you can control how your customers will react. But you can control the way your business runs, maintaining ongoing, positive contact with your customers, and continuing to provide consistent quality service that they value.
Market as smart as possible. Do not cut your marketing budget, but instead make it targeted. We learned that from the great recession because the companies that followed that strategy did the best. Make every marketing dollar count, and have an efficient strategy that is in line with your goals.
Do more. I feel this latest cycle will blow through as quickly as it came, but to cover your rear end do more. Grab an extra hour every day for a few weeks to market more, get more organized, hire more and get more productive action going in your company. It may be overkill, but that is ok.