In the last couple of months especially, we have found ourselves surrounded with “doom and gloom” reports that chip away at the psyche of even the most confident among us. Foreclosures are at an unprecedented high. Both the U.S. and global financial markets have crashed and resurged many times. Additionally, with the credit crunch and the collapse of key players across many industries, many small business owners face each day with fear and anxiety.

To weather the storms of economic crisis here are a few pointers to remember:

Don’t make panicked decisions. In the face of extreme financial hardship or pressure, we often make unwise decisions to relieve temporary circumstances. Instead, remember that no situation is permanent. It’s wiser therefore to think long-term and streamline expenses, scale back on any extras, and focus on absolute necessities. 

Utilize the power of networks. You may not be into social media, or attending networking events for that matter. But now is the time where networks are vital to the health of your business. It can be as simple as contacting past clients to offer “VIP” specials or joining your local chamber or commerce. Or take it to the next level and explore partner marketing to offer ancillary products or services. Whatever you choose, there is power in numbers!

Discover or rediscover your “U” factor. That which makes your business or service unique is that which determines its distinction and value to others. Now is the time to play it up! What sets you apart? Why choose you over the other 10 florists, coffee shops, restaurants, etc. in your neighborhood? When you know and understand your uniqueness, you can clearly convey this to others with great enthusiasm!

Take some time away. Whether it’s a few moments each day or an entire weekend – we all need time to regroup for maximum effectiveness.  I’ve heard it said, “When you’re a frame you can’t see the whole picture.” Simply put, because most small business owners eat, drink and live business it’s hard to view things objectively.  Although it feels counterproductive, taking time away can offer fresh perspective and unlock new ideas and creativity.

Ask for help. When speaking to many business owners I see their dire need for help – yet their fierce determination to somehow “make it work.” Now is the perfect moment to expend time and energy in your areas of strength, and delegate lesser strengths to others. Marketing for example, is not a strength of many business owners. Yet, the “do it yourself” approach often prevails. Instead of focusing time and energy on what they love, many find themselves adding marketing to their already full plates.

At Alternative Strategies, our plates are full as well – with creativity and innovation for the businesses we serve. We understand wholeheartedly the negative financial impact of the economy, but we must emphatically declare that businesses can’t afford “not” to market. While many are closing their doors, rely on our “think tank” approach and unmatched support to create tailor made and cost-effective solutions for your business.