Yes, it’s a tough economy.  Yes, the news is still gloom and doom.  Yes, the unemployment rate is high.  Yes, consumer and businesses alike are spending less.

But guess what?

Yes, over 85% of the population IS employed.  Yes, the stock market is starting to rebound.  Yes, people are spending money on items that they perceive of VALUE.

AND, THERE ARE BUSINESSES THAT ARE HAVING THE BEST YEAR OF THEIR EXISTENCE!

Amist all of this negativity, there are SMART, practical business people who are doing well.  While they aren’t shouting this from the rooftops for fear of being labeled among other things, a braggart, the fact is that SMART business people have protected their businesses by budgeting wisely, keeping a close eye on expenses, identifying new target markets, holding employees accountable for their areas of responsibility, focusing the entire organization on taking care of their customers, and adapting to market change.

The SMART ones are investing.  Yes, investing.  They are investing in marketing.  How on earth can you expect people to buy from you, if you don’t communicate with them?

For the B-to-C companies, it’s relatively easy.  Identify your existing and target markets, develop a plan AND a message, and move forward.

While it’s a little trickier for the B-to-B crowd and requires more planning, it can and IS being done.

It’s not just about having a sales guy or gal beating the streets.

It’s about keeping your company top of mind and front of wallet.

You do that through marketing :

Exposure → recognition → leads = $ales

Advertise. Advertise. Advertise. Your first reaction in a slow economy might be to cut back on advertising, but can you really afford to go unnoticed? Don’t abandon your marketing efforts. Instead, look for ways to get more bang for your buck. Your printer can offer cost-saving approaches for marketing pieces and direct mail and might match competitors’ rates. Radio, print, and TV sales representatives may be more willing to negotiate prices for frequency. Try alternative online marketing channels such as email marketing, blogs, and mobile advertising. Deliver presentations to community business or social groups, or arrange to offer an adult education class at a secondary school or local college for free or a small fee. Speaking can be a great way to build business recognition, establish credibility, and show your community how much you know.

Review your budget. Keep on top of your expenses. If money is tight, it’s time to cut non-essential expenses from your budget in order to ensure you have the funds necessary to pay the utility bills, make smart inventory purchases, or buy that necessary software update. If you need to expand your advertising to woo more customers, look for other areas in which to make budget cuts to free up the necessary funds. If you do have extra capital available, this may be a great time to expand your business and divert extra funds into new endeavors or a new niche to gain a competitive edge. Since other businesses may be offering deeper discounts to increase sales, it may be the right time to make a major expenditure that will help you to pull ahead of your competition in the long run. And make sure your staff with spending authority know the plan and your priorities.

Keep on top of accounts receivable and payable. Losing track of invoices? Make sure your 30-day terms are not being stretched out to 45 days or longer. Set limits on the amount of credit (if any) you are willing to extend a non-paying or new customer. Pay your bills within the proper time frame to avoid incurring extra charges, but don’t pay so early that you limit your cash flow.

Take a look at your bottom line. If your customer base is feeling the pinch and your sales are declining, raising prices can be a difficult step to take. However, if your expenses are skyrocketing, you will need to make changes in your purchases and/or look for ways to pass part of those costs on to your customer. Another tactic may be to market to a more affluent customer base or to focus more efforts on a particular niche of your business that brings you the best return. Consider charging extra for your extras, similar to the way hospitals charge separately for the tissues, water pitcher, etc.

Consider taking out a loan. Whatever you do, avoid racking up high interest credit card debt. If you’ve got a solid bottom line but are hitting a bit of a dry spell, talk to your local bank or government-sponsored loan agency about taking out a business loan. Although it is more difficult to secure a loan in a tough economy and loan applications will be scrutinized more carefully, it may be the right thing for your particular situation. As always, ask your accountant, local government small business agency, or other knowledgeable financial professional for advice and help in putting together, or revising, your business plan.

It’s Up to You. You can choose to sit on your hands and mope, or worse, talk about how bad things are.  I have chosen to do a thorough assessment of my business.  We are expanding services to meet the ever-changing needs of our customers.  And, we are taking our own advice and marketing to prospective customers.  (A giant leap for an advisor who has always worked through referrals.)  As I see it, tomorrow is a new day. I can choose to be part of it by spending it wisely, or I can chose to hide under the covers.  I relish the challenges of each day.  What about you?