Tips for Small Businesses in Tough Economic Climate

Here are three tips to help your business grow in a tough economy.

by Suzanne Quinn, president of Glow Communications

January 26, 2009

D espite the tough economic climate, there are things small business owners can do to keep their bottom line growing. Lesley Hatfield, owner of NiteSweatz, a line of thermo-regulating sleepwear, day wear. The company experienced 33 percent growth over last year, and due to this success, Hatfield offers the following tips for staying in the black.

Web Sales: The web is your best friend in tough times. People are trying to save money so they don't want to waste gas driving or admit to going shopping, or even get tempted in retail establishment; so, they shop online. "Consumers are still going to spend money, ... and they will be looking for items that bring comfort and are solution-based. So, make sure your Web site is one of the first the search engine offers," says Hatfield.

There's a science behind making sure your Web site is one of the first the search engine lists. "One of the best things I ever did was hire a Search Engine Optimizer (SEO). It's money well spent because it ensures that there is someone responsible for keeping your brand at the top of the list," explains Hatfield. There are also other organic ways of being at the top of search engines like Google and Yahoo, such as blogging. Blogging cost little or no money, and it's one of the best ways to increases exposure. "Being creative and participating in reciprocal blogging is beneficial because you can talk about your brand on other Web sites and then have a link back to your Web site," Hatfield says.

Social networking sites, such as Facebook and LinkedIn, are another way of publicizing brands. Posting a brand on business and consumer groups within the site helps increase awareness and be utilized as a vehicle for announcing sales and promos. "We also do a lot of email blasts - for a mere $6.00, we can reach 6,000 consumers!" explains Hatfield.

Cut Overhead Costs: Telecommuting is so popular now for a reason - it helps keep costs down! Home-based offices, call lines directed to customer services reps off-site, teleconferencing and web conferencing are all good ways to cut costs.

In this economy, to be successful, you have to wear many hats and do more than what is traditionally expected. "I had a situation where one of my distributors went bankrupt and they had all my fabric and half of my capitol. I could not find another US distributor to take me on, so I was faced with the dilemma of either going under or fighting to stay competitive and taking my manufacturing oversees. I chose the later and saved 25 jobs and reduced the cost of my products." states Hatfield.

"In tough times, people tend to simplify and revert back to systems that really work, and bartering is one for me. I have a network of friends who I give some NiteSweatz. In return. [I receive] services such as collating mailings and running market analysis reports," Hatfield explains. "It not only helps facilitate by programs, but it [also] increases my word of mouth advertising!"

Freelancers: Hatfield says: "Why hire employees for jobs that you can contract out? By reducing the number of employees I have to support, I have saved a lot of money. I now hire contracted professionals or freelancers, and companies for many tasks - some on a regular basis and some on a seasonal basis. Bookkeeping, public relations, strategic planners and Search Engine Optimizers are all positions that are conducive to outsourcing."

NiteSweatz sleepwear wicks moisture and keeps bodies comfy and cool as temperatures rise. It's designed for pregnant and nursing women, chemotherapy patients, premenopausal and menopausal women, those with auto immune disorders such as Lupus who use medications that cause night sweats, people on anti depressants, obese women suffering from increased body temperature and hot sleepers. www.nitesweatz.com

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Tips for Small Businesses in Tough Economic Climate

Here are three tips to help your business grow in a tough economy.

by Suzanne Quinn, president of Glow Communications

January 26, 2009