How Are You Managing the Economic Downturn?

Over the past few weeks I’ve received quite a few cold calls and introductory e-mails from small businesses. I wondered if this was in response to the economic downturn. So I decided to ask a representative sample of small businesses by contacting my LinkedIn network to ask “how are you managing the downturn?”

Less than 20% have responded so far, but I wanted to share with you what I’ve learned as soon as possible. Hopefully you’ll gain some new ideas and perspectives to help you in strategizing for your own business.

The primary strategies initiated by early respondents fall into three basic categories: rethinking, leveraging and streamlining. I’ve organized the responses accordingly.

Rethinking

Many companies are not just being more aggressive, they’re being strategically aggressive. Some are offering new monetary or other incentives. Some are focusing on a redefined or diversified target market. [Read more…]