Tips for Small Businesses Battling the Economic Crisis

Small business owners trying to survive in a very uncertain economic time must have many sleepless nights. But it doesn’t need to be this way. There are plenty of resources out there and tips to follow that can help you feel a little more stable and reevaluate your expenses. Here are a few tips that we have found especially helpful for staying out of the line of fire when it comes to the economy:

1. Utilize free social networking sites to market your business – This is pretty commonplace these days, but many people are using social media ineffectively. Take some time to read up on the best ways to post and gain followers/likes. Learn about #hashtags for Twitter and how to jump onto trending topics. Learn about all the features of Facebook that can help you build your brand. Put the time in, and these sites will give you great free advertising.

2. Keep your personal expenses and business expenses separate – Many people get caught up in their business so much that they start pumping all their personal income into the business. It’s important to keep these finances as separate as possible. After all, money moving from personal to business or vice-versa can be subject to IRS audits and litigation.

3. Take time to enter your business into free directories online – This is another great money saver. Claim your business on Google Places, Yahoo! And other popular directories. There are about 25-50 really worthwhile directories to be in, so be sure to not go crazy entering your business into pointless directories.

4. Work on your employees customer service skills – This is an area where everyone can always use improvement. Spend time building positive relationships between your staff members and take time to mentor them when you can. Read up on new techniques to help customers and hold regular workshops for employees. A better customer service team will help with customer loyalty and employee retention.

Any tips that you would like to add that we left out? Take some time and share your thoughts by commenting below!


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