April Showers & May Flowers

in Small Business

Amber Wright

Heavy rain and cloudy skies are not just weather conditions pertinent to the environment. Mother Nature has an expansive reach which stretches throughout the entrepreneurial community as well. Her recent April shower has projected a new business climate that small business owners must adjust to. Recession, as we commonly know it, is the April shower that has taken many entrepreneurs by storm.

"We're in a recession," notes Allen Greenspan, former Federal Reserve Chairman. "But this is an awfully pale recession at the moment."

Before you dodge this recessional drizzle, note that rain is needed for crops to flourish and flowers to bloom. An assertive and informed approach will plant the proper business seeds to ensure a productive reaping for future business seasons to come

Reporter Rich Miller of Bloomberg notes that our U.S economic growth of 0.6% has hit a record breaking slowdown. This type of decline has not been present since the recession of 2001. Billionaire investor, Warren Buffet, however, has not let this current April shower alter his business affairs. "If I hear about a business today that I can buy and makes sense, I'll buy it," he contends on CNN Money. "I won't give a thought whether it will do well in the next quarter or the next year." This type of big thinking for small business owners can be a determinant factor for whether a business sinks or float. A physical recession should not transcend into a mental recession as well. Therefore, do not let your business umbrella deter you from running a successful business.

"Let the rain kiss you. Let the rain beat upon your head with silver liquid drops. Let the rain sing you a lullaby." Langston Hughes.

Many entrepreneurs are embracing the recessional drizzle to maximize their business potential. Although not always visible, adversity is always accompanied by opportunities. Therefore, this is the perfect time to reanalyze your current business initiatives and expand in other areas.

Monitoring your companies discretionary spending may reveal unneeded expenses that your company can eliminate. This is one of many ways your business can cut back on costs. Assessing your products profits can also reveal which areas you may be over-investing in. If you have a product that has been on the market for ample time without any progress, product diversification may be an option for you. Use this opportunity to expand products with significant gains to maximize profits.

Many small business owners are apprehensive about offering sales and discounts to their clients. As a small business owner, however, its important to note that its not always what you do, but how you do it. Clients and customers constitute a large portion of your business. Therefore, showing customer appreciation through discounts can go a long way. Especially to your loyal customers. Offering special savings to long term customers not only encourages consumer spending, but it makes them feel valued, which is also a great guerilla marketing tactic! Massaging your current business relationship with existing clients and customers will also help eliminate the additional cost it would incur to find a new ones.

This is also a great time for small business owners to chime in on their special advantage over large companies. These entrepreneurs have the opportunity to supply customers with the personal touch that large corporations don't have the time or available resources to focus on. This competitive edge will additionally give your business the a boost it needs to thrive.

Each business drizzle sprays a mist of opportunity to entrepreneurs. Big thinking, business analysis and proper execution are few of many seeds that your business will need to bloom.

Amber Amori Wright

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