Small Business 2009: ‘Pearls’ To Consider

By: Brett A. Hoover [Follow me on Twitter and LinkedIn]

As we move forward and away from the proverbial disaster that was 2008, I feel its important for small businesses and entrepreneurs alike to consider how we are going to handle things in 2009. More importantly, how we plan to do well by being better. Here are a few ‘pearls’ that came to mind:

1) Make, Create, Find Possibilities: 2009 will be full of ideas, opportunities, and possibilities. Don’t sit back on your haunches and plan. Get up, get out, and find them! The hardest part of any project is just getting the ball rolling in the right direction.

2) Create Unique Value: Make your product, service, and company uniquely valuable. Sure times are ‘tough’, but that doesn’t mean people will suddenly stop buying what the need. It simply means that your potential customers are more price-/quality-sensitive and that you must cater to this. By differentiating your company from the competition, you position yourself to be the preferred choice of your target market.

3) Market like a Madman: Now, more than ever, it’s crucial to let the customers know that you exist. Don’t hesitate to be creative and to use any means necessary: blogs, Twitter, Facebook, Newsvine, Digg, LinkedIN, strategic networking, word of mouth, cold calls, e-mail, snail mail, etc. By focusing at least part of your marketing efforts online, you stand to save of green$$$. The end-game here is to get your name in front of potential customers.

4) Customers First…Especially Now: Life is sales and business is about customers. Period. During an economic downturn, this is only more true. If you’re not doing right by the client, you’re not selling. If you’re not selling, you’re not making money. If you’re not making money… it’s only matter of time until you’re a goner. If you’re going to make cuts to your budgets, see to it that customer service (and contact) remains wholly in-tact.

5) Vet Your Ideas…Often: Don’t be afraid to discuss your idea with someone. It’s not easy to trust others, but it’s rare than vetting your idea with a trusted mentor or colleague will do more harm than good. By bouncing your ideas off of a diverse and experienced crowd, you will  strengthen both the idea and your ability to think critically about it. Look at it this way, no one likes to pitch their idea to investors, only having to respond to their questions with “Shucks, I never thought of that”. Ouch!

6) Cut any Financial Tomfoolery: No one wants to appear cheap, but that’s no reason to be a fiscal idiot…especially during an economic recession. Take a close look at what you spend money on and think about what is truly necessary and what is not. For example, consider bundling your phone and cable services. This can save an upwards of $300/year. Further, do you really need digital cable at the office (aside from a wicked-fast Internet connection)? Lastly, try to avoid cutting the salaries of good, hard working employees. There’s nothing wrong with firing people who don’t give 110%, who have no passion for their job or the company, or who (as Bob Sutton puts it) are big A$$$#()!&$. Just remember that the right people are your most valuable asset. Try to treat them as such. As my father always says: “it’s just plain bad business to mistreat good.”

7) Consider Investing: If you haven’t noticed, now is a great time to reinvest in your company, your family, yourself, etc. Consider investing you mutual funds, ETFs, or even the stock market. Be smart about it though…don’t just read Morningstar for a week and assume you have a clue (I’ve done this…eek!). Take your family on a vacation, taking advantage of all the airline and hotel deals floating around out there in the ether. Not to over paraphrase W. Buffet, but he makes a good point when he tell us to be ‘greedy’ when other folks are scared.

There are literally hundreds, maybe thousands, of other ideas on how to improve you business in 2009. I could keep going, but I personally enjoy blog entries that are short and succulent. Be sure to think about the previous points relative to your own life. With any luck, something I’ve written will positively impact someone silly enough to take me seriously.

Slainte Mhath!