Low-cost and no-cost survival tactics require a 'business-as-usual mindset.' REDMOND, Wash., Sept. 24
REDMOND, Wash., Sept. 24 /PRNewswire-FirstCall/ -- As the economic climate
gets stormier every day, many small-businesses owners are facing mounting
pressures. During such uncertain times, entrepreneurs often choose to cut
back, hunker down and ride it out. However, experts warn against exercising
too much caution -- especially when it comes to marketing.
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According to Rieva Lesonsky, former editor of Entrepreneur and blogger for
Microsoft Office Live Small Business (http://smallbusiness.officelive.com),
entrepreneurs can use this time to cut back in certain areas and strategically
invest in other areas, such as marketing. "It may seem counterintuitive, but
increased marketing and sales activity can be an effective way to bolster your
business and weather economic storms," Lesonsky said. "In fact, marketing is a
key component to your small business' survival."
So what should current and aspiring entrepreneurs do during these tough
times? Lesonsky offers the following advice:
* Keep overhead low. Entrepreneurs should take a hard look at their
expenses and scale back on nonessentials. Some big cost-cutting areas include
business travel, labor and rent. For example: Entrepreneurs can try
videoconferencing instead of traveling to a meeting; consider forgoing pricey
office space and work from home instead; and re-examine their staffing plan to
ensure they have the right amount of coverage for their current level of
business, keeping overtime costs to a minimum.
* Make noise. In this economy, competitors are likely cutting back on
marketing spending too. This provides an opportunity for entrepreneurs to get
their marketing message out in a potentially less cluttered environment, and
possibly at a better rate too. In addition to traditional forms of
advertising, entrepreneurs can take advantage of low-cost digital marketing
tactics, such as creating a blog, building an audience with Twitter, staying
on top of their ratings through online review sites such as Yelp, and creating
company pages on social networking sites such as Facebook and LinkedIn.
* Have a strong online presence. Increasingly, consumers are using the Web
to find businesses of all sizes, so it's really crucial that small businesses
be visible online in order to compete. Today, there are a number of low- or
no-cost options to help entrepreneurs establish a professional Web presence
without the expense of hiring a designer or Web master. Microsoft Office Live
Small Business (http://smallbusiness.officelive.com) provides entrepreneurs
with a free Web site and hosting, a custom domain name and business e-mail
free for the first year, low-cost e-commerce and online marketing tools, and
free business management tools.
* "Hire" customers. Entrepreneurs can turn satisfied customers into a
word-of-mouth referral engine for their business. They can consider offering
referral fees or free services to encourage customers to refer new clients.
Entrepreneurs can also ask customers to provide testimonials that can be
showcased on the company Web site and marketing materials.
* Always negotiate. Entrepreneurs should keep in mind that everything is
negotiable. When other businesses are cutting back, entrepreneurs are in a
better position to negotiate for lower rates, better ad placements, lower
telephone rate plans or other discounts such as on office supplies.
These and other small-business tips from Lesonsky can be found on the
Office Live Small Business blog at http://www.myofficelivecommunity.com.
Lesonsky is a well-respected entrepreneurial expert and the co-author of
several business books, including the best-seller "Start Your Own Business."
As the CEO of SMB Connects, Lesonsky helps corporations, government agencies
and other organizations identify, understand and connect with small and
medium-sized businesses, providing information, products, services and
resources to help build their businesses. Before co-founding SMB Connects,
Lesonsky was editorial director of Entrepreneur Magazine. She also blogs about
small-business issues and trends for Microsoft Office Live Small Business.
About Microsoft Office Live Small Business
Microsoft Office Live Small Business is the award-winning service that
offers a complete, affordable set of easy-to-use Internet-based tools that
help small-business owners get online, attract customers and manage their
businesses. Office Live Small Business has more than 1 million customers in
five countries: U.S., U.K., France, Germany and Japan. More information is
available at http://www.smallbusiness.officelive.com.
About Microsoft
Founded in 1975, Microsoft (Nasdaq: MSFT) is the worldwide leader in
software, services and solutions that help people and businesses realize their
full potential.
SOURCE Microsoft Corp.
