Business Down?

While looking through Entrepreneur Magazine, I came across an article by Jane Porter who had some very good advice for a small business that is going through hard times.  And in this economy most are.

Her first piece of advice is to look outside your four walls.  Call your top 20 customers and get feedback.  What are your businesses’ strengths and weaknesses?  Also, share with some of your top clients a list of your target prospective clients.  You can get feedback on the best person to contact or a new approach to get your foot in the door.

The second piece of advice Jane had was to consider cutting some cost and raise some prices instead of laying off staff.  Consider if you have exhausted all other avenues first.  Laying off staff can be a major obstacle to your actual growth,

Lastly, she recommends finding your own way to stand out amongst your competitors.  Find that niche and find out the very best way to reach them.  You may have to consider narrowing your focus.  Grabbing a share in a large, diverse market is very tough.  It is easier to grab a share of a narrow portion where direct competition is few.

The entire article can be found here.