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Five tips for small businesses to thrive - not just survive - in the current economic environment

If history serves as a guide, a down market is one of the best times to be a small business owner or to start up a new venture. As noted in the February/March 2009 issue of BusinessWeek SmallBiz, “recessions don’t produce record numbers of new companies, but they do seem to mark a turning point in the formation of new businesses.”

 

A recession presents unique opportunities to reevaluate business operations and apply smart, cost-effective tools to drive productivity and efficiency, and positively impact the bottom line. There are several tactics that small businesses can leverage as they look to guide their business to success in 2009 and beyond.

A slow economy doesn’t mean businesses should slow their marketing efforts. Savvy marketers will employ strategies such as online marketing to provide optimum service to customers while saving marketing dollars. According to Comcast Business Services’ e-mail marketing partner Campaigner®, shoppers are increasingly turning to online shopping to save on time and travel and to compare prices. Smart e-tailers see this as an opportunity to provide incentives such as coupons and discounts. In addition to growing e-commerce sales, online marketing campaigns can drive retail sales too. Studies also reveal that companies that increase their advertising during a recession can improve their market share, particularly if their competitors cut back.

Establishing even a basic Web presence can be crucial for small businesses. In today’s tech-driven business world, it may be surprising to hear that nearly 60 percent of small business owners have neglected to set up a Web site representing their businesses, according to Warrilow & Co.  Even in a tight economy the Internet remains a critical sales and marketing channel for businesses. And don’t underestimate a Web site’s impact on the credibility of a business. 

 

Today’s economy demands that businesses choose technology over travel to shave costs from the bottom line. Web-conferencing software, such as that offered by Comcast partner GoToMeeting, allows people to collaborate effectively while saving travel costs. GoToMeeting enables co-workers, customers and prospects to view and share applications running on their computers in real time. The technology is affordable, easy to use and offers a next-best alternative to in-person meetings.

 

For people in sales, marketing and other customer-facing positions, social media is also an area ripe with opportunity. Meet a prospect via LinkedIn in San Francisco at one moment and Twitter to a customer in Miami the next.

 

Being accessible means satisfied customers and continued business. It’s even more critical to be easy to reach if business is time sensitive, like a computer repair shop, when speaking to someone live is of utmost importance.

 

Businesses that experience peak hours have a unique challenge. For example, for take-out restaurants or pizza parlors keeping up with the call volume at dinner time and during the big game can be difficult. Missing a call could result in a potential customer taking their business elsewhere. For its business phone customers, Comcast provides “hunt groups,” a feature that makes sure customers never get a busy signal. When a call comes in and the main line is busy, hunt groups route the call to the first open line, helping businesses to make the most of every call. 

 

In our current economy, every saved dollar counts. Businesses can save on paper, ink and power – and do something good for the environment at the same time by converting to an electronic workflow. Extend paperless efforts by marketing electronically and utilizing collaborative software solutions, such as Microsoft Communication Services suite, offered at no additional charge to Comcast Business Class High-Speed Internet customers. The suite allows users to share documents, calendars, email, contacts and tasks from any Internet connection, limiting the need to exchange paper documents and materials.

 

For the past few years, consumers have been reaping the benefits of bundled cable, Internet and phone service. Today, small businesses can also take advantage of bundled services, allowing them to minimize costs and enjoy the convenience and simplification of dealing with one provider and one monthly bill. 

 

According to a survey by Forrester Research, three-quarters of small- and medium-sized businesses in North America use some form of bundled service.  Comcast, for example, offers a full suite of competitively priced products including Business Class phone, Internet and TV.   Comcast is also able to provide small businesses with around-the-clock customer support and complimentary features and tools, such as Web hosting services and software packages that have traditionally been available only to larger enterprises with IT staffs.

 

In this current economic environment, consider implementing these five tactics to help your business thrive.