The current down economy is taking longer than most small businesses had hoped or expected. Waiting for the market to bounce back could actually do more harm to your business than good.

Being an eternal optimist, I view this as an opportunity to review your business model and make changes for stronger growth and sustainability.

Keep moving your business forward and be ready to succeed with these 3 steps:

• Evaluate Your Finances and Make Necessary Cuts
  Analyze your finances by assessing expenditures and determining ways to make strategic cuts. Collect on outstanding accounts receivable and conserve that money. Don’t make major purchases unless you desperately need to in order to keep your business functioning. Some less than popular ways of making cuts are foregoing company perks like coffee in the break room, company sponsored birthday and holiday celebrations, and salary increases. Refrain from hiring new permanent staff instead opting for affordable part-time workers or consultants.

• Continue Marketing and Outreach Efforts
  Don’t cut your marketing budget! While you may not be able to increase your budget, make sure you maintain the existing one. Evaluate your current marketing strategy and don’t blindly follow competitors. Customers still need your services, even if they can’t or aren’t willing to pay for it now. If you fail to advertise to your key market share, someone else will. Review recent sales look for trends in their referral source. If your top sales over the last few months have come from an online directory, focus your efforts online possibly pulling money allocated for print newspaper ads.

Marketing Tips:

• Make a list of local upcoming events, preferably free that you can attend and network
• Consider hosting a special event to attract customers either in-person or online.
• Get to know bloggers and reporters and keep them informed or offer story suggestions.
• Use the power of email marketing. Send emails to clients and prospects.
• Contact existing or previous clients and ask them for referrals and to “spread the word” about your business.

• Evaluate Current Vendors
  Are you getting the best deal possible for inventory and supplies? Review your existing vendors and figure out if it’s financially advantageous for you to continue doing business with them. They may be financially strained as well and may be willing to work with you.

The bottom line is to stay strong, committed to your business. You need to become more strategic in your business operations and may have to make some hard decisions to keep overcome these difficult economic times.