Fabric Newsletter

10 Business Building Ideas for a Slow Economy

Today’s economic climate holds unique challenges for your business. Now is the time to streamline your business processes and get creative in your marketing and promotions. Remember, even during the Great Depression small businesses survived—and some even thrived. Here are some business building suggestions to consider as we head into 2009.

1. Emphasize customer service. According to a recent Yellow Pages Association study, 59% of small business owners said getting and keeping customers is their biggest obstacle in today’s economy. Make sure your customer service is memorable—so customers will consistently choose you over your competitors and recommend you to their friends.

2. Count beans. Thoroughly access your expenses, sales, margins, cash flow and other financial indicators so you can respond quickly to the shifts in the economy.

3. Review receivables. Look over your processes and policies for collecting payments. Get aggressive with reminders and phone calls if you need to.

4. Build a nest egg. Sock away funds for a rainier day than today. Having a cash reserve is always a smart idea—in good economic times and bad.

5. Network more. Now more than ever, you need to broaden your contacts by attending networking events and by participating in different groups. Always keep yourself—and your business—visible.

6. Cater to current customers. While prospecting is important, current customers need to be your focus. Their loyalty will help get you through the tough times. Follow up with them by phone, email or postcard and consider offering a “customer appreciation” promotion to build sales.

7. Market smarter. Take advantage of SanMar’s marketing tools like custom catalogs, custom websites (FREE!), flyer wizard (FREE!) and more. Also try strategies you may not have considered in the past like coupons, gift with purchase, free embroidery services, web-only specials and more. Brainstorm new, creative ways to drive customers to your door or website.

8. Partner up. Join with complimentary businesses to pool your contacts and resources for a greater return for all.

9. Educate and motivate. Keep your staff in the loop about your current business performance. Candid communication calms rumors and motivates people to perform their best.

10. Stay positive. Keep an upbeat attitude and don’t give into all the gloom-and-doom in the news. There are a lot of success stories out there—you can be one of them!