This guide outlines how to make a business survive in a downturned economy. Across almost all sectors, businesses are beginning to feel the brunt of the economic downturn. With record numbers of people out of work, there is less cash to go around. With travel restrictions in place at airports, resorts, and even theme parks, many seasonal businesses are struggling to stay in operation. Business owners, particularly women and minorities, are reacting and adapting to swiftly changing times to make their business survive.
How to help a business survive
Things might not be very promising at the moment as profits are hard to predict, but major relief may soon be on the way. If you are a woman business owner who is concerned about the future of your company, this guide is designed to help your business survive.
Scrutinizing Budgets and Reducing Operational Costs
Nearly every single business has had to really cut down costs due to a number of factors. For business owners who have had to shut down completely due to stay at home orders or quarantines, keeping a full staff on deck may not be wise. Sales have slowed down for other businesses, in industries such as weddings, travel, food service, and even clothing as people have been staying home and cutting down on recreation. No matter what variety of business you are operating, there is nearly always a way to reduce your operational costs.
Before you can understand what areas it would be best for you to cut back on to help you business survive, you first have to scrutinize your initial business operations expenses. Figure out what you pay your staff to do, as opposed to what could potentially be fully automated. Transitioning to an online business as opposed to a brick and mortar business has been helpful for many business owners in this regard as well.
Relying More Heavily on Online Marketing and Sales
When your business can no longer rely upon foot traffic, you’ve got to find another way to drum up sales. There are always the standard forms of advertisement that are time and tested to work in most instances, such as T.V. ads and radio spots. Some business, like in the case of tax preparation services, go as far as paying seasonal, temporary workers to spin signs while dressed up in mascot costumes.
Hands down, the best form of advertising for women and other types of business owners is digital. Online marketing is effective because all metrics are closely monitored, easily verified, and can be adapted on a whim. With the right type advertising and marketing approach, your company can avoid being taken in by click fraud schemes, or otherwise engaging in methods that would not bear fruit.
Taking Online Business Classes and Attending Virtual Seminars
In addition to streamlining the day to day function of your company, now is a great time to further your knowledge base. Whether you hold an MBA in business or have strictly operated by listening to your gut, there is always room to grow and learn as a business owner.
There are tons of business, advertising, budgeting, and similar classes taking place, fully online. Many classes are free or very inexpensive, meaning the only thing you need to do is factor in your time. There are also seminars and conferences that you can attend where participation is not required, and you can just sit back and absorb a wave of fresh, timely, and helpful information.
Depending on Advertising Campaigns
An advertising campaign can take just a couple of days to complete, but many businesses engage in campaigns that can run for months. It won’t take long to come up with all the relevant information needed for an advertising campaign, such as keywords and demographics. Click fraud can be a harder opponent to tackle. ClickGUARD is filled with information on how business owners can avoid paying for fraudulent clicks.
As explained on their site, fraudulent clicks cost company owners a considerable portion of their advertising budgets for no results in return. Many businesses do work with third parties such as SEO firms to run their advertising campaigns. These business owners generally receive progress reports and summaries, sometimes complete with charts, graphs, and other supplements to help explain each step of the process. By using automated technology, businesses are guaranteed that their advertising campaigns are run and completed, without the use of unscrupulous tactics.
Networking and Supporting Other Women Business Owners
To get through difficult times, shrewd business owners have been known to fall back on secondary skills and tools they have picked up along the way. Sometimes, when you get stumped, it is best to run ideas by a trusted source. You might have a mentor, or a colleague, or fellow business owner that you can brainstorm with or simply just ask for help. Realize that other business owners, whether in your industry or otherwise, are likely going through the same thing. If you have a cooperative group, you can share resources and work as a team strengthened by numbers.
Securing Grants and Federally Backed Business Funding Programs
There are potentially billions of dollars in funds available to small business owners, made available every year in the form of grants, loans, and even scholarships. Your business won’t be awarded funds unless you find the individual program that your company is a fit for, and then you apply. Yes, there will be a lot of other women business owners competing for the same funds.
No, you won’t be approved for every government backed loan or grant that you find. However, with a lot of persistence, you can secure tens of thousands of dollars for the future of your business. Update your business plan, consider hiring a grant writer, and look for business funds geared towards women business owners to have a little extra money in your company’s rainy day fund.
Making Cautious Business Moves
When times are uncertain, what all business owners can agree upon is the need to retain control over backend processes. You absolutely need to know how all of your money is being allocated. If an advertising campaign is helping you gain more customers, then you should consider upping your budget in that area. If you have been making positive changes and yet you still aren’t increasing your company’s profits, then a change in other areas of business could be needed.
Being cautious is all about taking a small step, then waiting to see if anything changes to help your business survive. Women business owners should be cautious when growing their companies or during a time in which they feel uneasy. Being cautious is recommended over throwing caution to the wind, as you can correct a small error a lot quicker than a big one.
Conclusion
Many women in business for themselves have had to make major adjustments to help their business survive, due to a lot of factors. As more companies turn to getting tasks done remotely, various shortcuts and even improved methods of completing formerly complex duties have become more common. PPC campaigns, improved branding, split testing, research studies, and even sales can help to bring in customers, even during a recession. This is not the first time the nation or its businesses have faced financial difficulty. With enough women business owners operating proactively and adapting similar changes, things will begin to turn around again.
