Time is on Your Side: 10 Ways to Reinvest in Your Business During a Slow Economy
Time is on Your Side: 10 Ways to Reinvest in Your Business During a Slow Economy
By Lisa Montanaro
When the economy is slow, many business owners tend to pull back. Some even throw in the towel. But what if you change your mindset, and look at this recession as an opportunity to “reinvest” in your business? If you have funds set aside for slow periods, good for you. If not, then all you have on your side now is time. If business really is slow, chances are you aren’t working as much. This may be the perfect time to do some of the business-building activities that you never have the time to do when you are too busy working in the business. This may also be a golden opportunity for professional development, reflection, and brainstorming.
If time is on your side, here are some ways to reinvest in your business during the downturn in the economy. They will stimulate and rejuvenate your business. When the economy picks up again, and you get hit with a ton of new business, you will be in a better place than before.
1. Incorporate Your Business
If you have toyed with the idea of incorporating or becoming an LLC, now is a great time to do so. You will be able to research which business entity makes the most sense, work with a business coach or attorney, and file the necessary paperwork. Come boom time, you will have all of your ducks in order.
2. Hire an Overqualified Employee or Try Out an Independent Contractor
If you have been grappling with the idea of hiring an employee or independent contractor for a while, now is an ideal time. Due to the many layoffs, there is a large pool of qualified professionals just waiting for a career opportunity to come their way. Take the time to interview properly and try someone out before you get so busy again that it becomes a distant and fleeting thought.
3. Familiarize Yourself with Tax Deductions
You just filed your taxes, but still never took the time to really learn which tax deductions can be taken. Even if you have an accountant, a basic understanding of what deductions you can take will help you track expenses better throughout the year. Take the time to learn how to maximize business deductions and keep more money in your pocket when business starts booming again.
4. Get Testimonials from Clients
We all know how powerful testimonials can be, but when many business owners get busy, they forget to ask. Do it now, while you have the time. Then put those testimonials to good use on your website and in business marketing materials.
5. Get Out and Network
When business owners are crazy busy with work, they often do not make the time to network and feed the funnel. This is a great time to attend live networking events with chambers of commerce, business networking groups, and the like. Be visible, so when the money starts flowing again, your business will be top of mind.
6. Develop a New Product, Program, or Service
If you have been itching to add on a new product, program, or service, develop and test it now. When business picks up again, your new offering will be in place and ready to go.
7. Sharpen Your Skills
We all know how important professional development is to success, but many entrepreneurs short change their professional development when business is booming. If time is abundant, attend a conference, or take a teleclass or webinar. There is a plethora of offerings available in every price range nowadays. This may be the time to get certified in your area of expertise, take continuing education courses, or just explore some educational options that would be beneficial to you and your business.
8. Audit Your Business
Do you have adequate insurance in place? Is your client contract in need of some revamping? Are there any policies or procedures that need tweaking? This is a great time to examine your business to see if there are any areas that need improving and get to work on them.
9. Update Your Marketing Materials
Have you been eager to create a new logo, redesign your website, or get new professional photographs taken? The time for this could not be better. Due to the recession, there are deals to be had. Approach professionals that can assist you with these projects. You may be pleasantly surprised at the rates you can secure.
10. Keep Advertising
The first thing most business owners do when the economy takes a nosedive is to stop advertising. Don’t jump on the bandwagon. Why? Because if all the other business owners are pulling ads, you will be the last one standing. If a prospect is looking for what you have to offer, they will find you. There will be less competition and clutter for a prospect to sift through. If you have refrained from advertising in the past due to the expense, check again. You may very well be able to afford it now.
Copyright © 2009 Lisa Montanaro
Add comment June 22, 2009
Live Podcast Taping of “Exploring Entrepreneurship”
In Honor of National Entrepreneurship Week and Black History Month
The DC Department of Small and Local Business Development’s Enhanced Business Information Center(eBIC) and the DC Public Library will be hosting a live Podcast taping of the business development workshop entitled: Exploring Entrepreneurship. This workshop will provide a chance for emerging and existing entrepreneurs to learn and explore the nuances of self employment and entrepreneurship. Emerging entrepreneurs will learn about the key personal considerations prior to launching a business. Existing entrepreneurs will receive guidance in evaluating their existing thoughts about entrepreneurship and help to evaluate their current entrepr eneurial endeavor.
WHAT: Live Podcast Taping of “Exploring Entrepreneurship”
WHEN: Wednesday, February 25, 2009 at 12 – 1 PM
WHERE: Martin Luther King Jr. Memorial Library,
901 G St NW, Washington, DC
TO REGISTER: Call Katina at 202-727-2241
Add comment February 21, 2009
The 10th Minority Business Summit in Baltimore, Maryland
The 10th Minority Business Summit in Baltimore, Maryland
COME & GAIN SOME KNOWLEDGE OF THE BUSINESS WORLD!!!
Add comment February 17, 2009
NY TIMES – Small Business Summit Mon. November 17th!
From www.nytsmallbusinessummit.com
One Event. Endless Opportunities.
Your small business is off and running. You’re ready to take your company to the next level. How will you get there? The 4th annual New York Times Small Business Summit, presented by American Express OPEN SM, will help lead you in the right direction.
Join over 600 fellow small business entrepreneurs for a special day of networking, interactive workshops, keynote addresses and panel discussions. You’ll hear inspiring success stories and get the useful information you need to ensure your business is a true industry leader.
$99* General Admission includes:
- • High-profile speakers
- • Panel discussions and Q&A
- • Breakout sessions
- • Vendor fair
- • Luncheon with keynote speaker
- • Networking opportunities
- • Cocktail reception
*$125 day of event
Go to www.nytsmallbusinessummit.com to register!
1 comment November 5, 2008
Small Business Support Found @ Local Chamber of Commerce
Hello Small Business Owners,
If you haven’t already you may want to contact your local Chamber of Commerce to take advantage of the resources they have in place for Small Businesses. You may be surprised!
- MsBusinessCoach
Add comment September 27, 2008
Overcoming Obstacles in the Business World will make you a Success
“Success is to be measured not so much by the position in life reached as by the obstacles overcome while trying to succeed.”
—-Booker T. Washington
People define success in many different ways, some of which include money, public status, or just simply living a happy life. After reading this quote made by Booker T. Washington I am inclined to agree with his idea of the true measure of success.
Working with entrepreneurs on a daily basis I have come to learn that being successful has nothing to do with being in business for yourself but the success comes through perseverance, hard work, never giving up, and from surviving the everyday obstacles that sometimes get in our way on the road to meet some goal in life. Whether your goal is to own a one million dollar business, running a corner convenience store, or being a 9-5 employee you will need determination to succeed.
Success is not a destination but a journey where you just don’t reach a goal and stop, but you reach a milestone and redefine yourself and continue on to meet yet another goal. In essence, one could say that a successful person is the sum total of their experiences including the good and the not so good. Once you have made it pass the obstacles or the not so good times then you have experienced success. From there you can go on to succeed another day.
In the Bible, Book of Revelations it states that “He that overcometh shall inherit all things”. To me this means that with each new goal in your life there will be many obstacles to overcome and with each obstacle conquered you will inherit something positive. Another way of saying it is “no pain no gain”.
When you make that commitment to go into business for yourself, you must stay your course and may even have to start over a few times before you get it right. Remember to stick to it and learn from each obstacle that comes into your life. These lessons learned will ensure that the same obstacles will not reoccur. Measure your success by those lessons learned and keep striving for your next success!
-MsBusinessCoach
Add comment September 25, 2008
