How To Grow Your Small Business In A Down Economy

The economy is down, and is has been down for some time. And as much as you or I would like the White House to turn things around sometime soon, don't hold your breath. There are a lot of reasons why the economy is in the state it's in, and to expect any one thing to "fix it" is wishful thinking.

The good news is this:

You have the ability to survive and thrive no matter how good (or bad) the economy does.

Sure you may be affected slightly more than the next small business owner (depending on what you sell) but that should not stop you. In fact, my small business grew at a clip of 28% a year between 2007 to 2010 when the economy was clobbering my competition.

Why?

Did I have some magical power?

Because I was willing to do a lot of things my competitors simply would not do. And I did them consistently. And the marketplace rewarded me by helping to grow my business by leaps and bounds.

So let's take a look at a few of the things you can do in your business to grow even while the economy is in the tanker.

Ready?

How To Grow Your Business In A Down Economy:

1. Don't cut your marketing.

If your car was sputtering on the side of the road, would you remove the engine hoping that would fix things? Probably not unless the engine was broken in the first place. And in that case you'd replace your broken engine with a better one. But you'd never try to drive your car without an engine.

So why then do so many small business owners cut their marketing as soon as the economy turns south? This is a self-inflicting wound that is like trying to drive a car that has no engine. Small business marketing is the engine that drives your business. And cutting it is not smart. How do you expect to grow without marketing campaigns driving your sales?

So then, the reason small business owners cut their marketing is because they believe their marketing was a wasted expense in the first place. Right?

OK, so that leads us to the next two steps which are:

2. Use direct response marketing.

This is a style of marketing you should study (and use) like your life depended on it. All too often advertising reps that sell advertising do not know one iota about direct response. Which means your marketing dollars are being wasted on what's called image based advertising. No wonder why your marketing hasn't delivered a single new customer in months. It's been the wrong kind all along.

Switch to direct response and your results will be off the charts.

3. Track every penny of every small business marketing campaign.

Can you tell me down to the last penny how well your last marketing campaign performed? If not, then start tracking your campaigns right away. No excuses. That way you'll know how well (or how bad) they performed. And you can either keep them in place. Or drop them like a bad habit.

So there you have it.

Three ways to help your small business grown in a down economy.

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