How to Keep Your Business Thriving During Difficult Economic Times

​Economic chaos has been extremely hard on small businesses. With economic volatility, many businesses have had to take extreme measures in order to keep their doors open and continue to grow. We’ve put together some tips and tricks that will help you keep your small business growing despite the current uncertain climate.
 
Try Out Several Digital Marketing Techniques
The digital world is constantly changing, meaning it is important for small business owners to be flexible and experiment with different digital marketing strategies. Now more than ever before, it is important for businesses to be creative and reach out to potential customers through digital channels like social media platforms and email campaigns. Experimenting with different strategies can help you find the most effective way of connecting with your target customer base.

Benefit from Financial Assistance Programs
Many financial aid programs are available for small business owners who are struggling during this difficult time. These programs provide much-needed capital injections that can help businesses stay afloat while they navigate this uncertain economic period. Research which programs are available in your area so that you can take advantage of them if needed.

Monitor Your Cash Flow
When running a small business, managing cash flow is crucial to ensure its success, particularly during tough economic times. It is vital to keep track of expenses and create detailed budgets to understand where the money goes each month. Moreover, the timely collection of payments from customers will help maintain a steady cash flow and avoid any unnecessary disruptions.

Reduce Spending
During this challenging time, businesses should focus on reducing expenses to ensure their continued success. Carefully review all expenditures and consider cutting back on office supplies or switching providers in order to save money. Additionally, reducing employee hours, if feasible, or implementing remote working policies can help reduce overhead costs while keeping employees engaged. Reach out to your vendors and ask about ways to reduce fees paid to them.  

Utilize Accounting Software
Investing in accounting software can help ensure accuracy and security when dealing with accounts payable and receivable tasks. It streamlines processes such as invoicing and payroll calculations — helping to avoid costly errors and giving you peace of mind. Accounting software solutions are excellent options for small businesses looking for an easy way to manage their finances without sacrificing time or accuracy.

Maintain Employee Engagement and Motivation 
Small business owners must prioritize their employees’ engagement and motivation even during times of uncertainty, as happy workers are essential for a successful business. Clear communication about any changes made in light of recent events, as well as future plans, is imperative for creating a secure work environment for employees. Furthermore, offering incentives such as flexible working arrangements or reward bonuses can be effective in boosting employee morale and engagement.

Improve Efficiency With a Project Management Platform
Using a project management platform can increase team collaboration and productivity, as it provides a centralized location for sharing information, assigning tasks, and tracking progress. It helps businesses streamline their workflows, improve communication, and ensure transparency and accountability throughout the project lifecycle. Take a look at this software if you want features such as real-time updates, progress tracking, and analytics that can provide valuable insights to help businesses optimize their project management processes.
 
During turbulent economic times, small start-ups can stay afloat with the right approach. By experimenting with digital marketing strategies, investing in project management software, and prioritizing e-commerce, businesses can better weather any storms that come their way. 

This guest article was written by Abby Holt of Craftability.


-Paul R. Rossi, CFA