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The Glass is Always Half Full
With a sluggish economy, new business owners can be tempted to make wholesale reductions and take a passive approach while waiting for the economy to improve. Remember the glass is always half full! Don’t be afraid! Jump start your business by doing the exact opposite and take action! Use exclamatory sentences and you'll always stay positive!
OK, that last one may not be true, but it can't hurt. Listen. A positive attitude will definitely minimize the panic that invariably rises when you see everyone else around you having a rough time. Here are strategies that other business owners are using to cope.
Coddle your best customers. While this might seem like an obvious place to trim costs, social events and forums are important to maintaining strong relationships.
Nurture valuable employees. When things are slow, workers worry about getting laid off and look for other jobs. As a result, you could lose staff members you depend on to keep up the quality of your brand or to generate new business. To avoid a talent drain offer incentive pay for employees who attract new work or handle important accounts.
Stand out from the pack. Set yourself apart from the competition by being a resource for consumers.
Be flexible and compromising. Whatever preconceived notions you have about your potential audience, the kind of services or products you offer and your price structure, forget it! Bending past practices and policies can improve your results.
Have you come up with some "best practices" of your own for tough times? Tell us how you're getting through! [NY Times]