If your online business was started before an economic downturn it can be daunting to look at the economic pressures a recession can bring to your business venture. The good news is there are some common sense ideas that can help you through.
One of the best is something I've put into practice that comes from the role of manager. Whether it's filling a position, restructuring your marketing strategy, revising product offerings or reimagining your blog postings there is one primary thing that is as profound as it is simple - do the best you can with what you have.
OK, I know this sounds like something you might hear Andy Taylor say to his son Opie on the Andy Griffith Show, but think about it for a minute. It is possible to reshift priorities based on what resources and tools you have available. In some cases there may be marketing tools that no longer make sense due to the economy. It could be that certain products make better sense than others. Perhaps the tone of your marketing practices needs to emphasize product quality over image cool.
Whenever the climate of business changes you will need to reassess strategies based on 'doing the best you can with what you have.'
Sometimes business owners act on trying to do something with tools they don't actually have. They can't adequately respond to contractions in business because of either fear or overconfidence. Both can be debilitating reactions.
A fear response is very common in economic difficulties. It is easy to imagine a worse case scenario and then watch it become a self-fulfilling prophecy because fear disabled the business owner from taking appropriate action. On the other hand being overly confident can cause problems in that you don't calculate any risk you simply blaze a trail hoping for gold at the end of your trek. This can put off potential customers who may view your approach as arrogant and out of touch with the common man.
A great online manager will shift approaches when needed and revisit strategies often. For instance when the economy improves they will adapt strategies to coincide with the expected increase in disposable consumer income. There may be reason to add new products and increase a modest amount of marketing capital that may appeal to impulse buyers.
Many times businesses fail because the owner did not respond well to shifts in market demand or economic stresses. Online entrepreneurs may believe they should stay the course and resist shifting directions. Interestingly there is truth to this idea, but when a trend is noted there also needs to be some form of adjustment that will enable business owners to access change for the sake of their business. This is why routine business analysis is so important to any shift in strategy. When confronted with the facts you can pursue this course of action without fear and with calm assurance that you are doing your best to meet the needs of customers, and keep your business intact.
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