Is the current economic slowdown having a negative effect on your business? Is your current customer base getting smaller and smaller? You are not alone. The current slowdown is affecting almost every business; even the so-called recession proof businesses.
Understandably, a common attitude among most small businesses owners is to cut costs when things slow down. One of the first things they cut is their marketing budget. It is easy to see why. Marketing can be very expensive and sometimes it is difficult to measure any tangible results.
Most business experts will agree that during an economic slowdown, a successful business should actually increase their marketing budget in order to reach outside their current customer base and attract new customers.
You can actually take advantage of your competitors fear and gain a portion of their market share. Once the economy gets better (and it will), you will be in a much better position because of your vision and foresight.
I cannot say how to specifically market your product or service. That is beyond the scope of this article. Every business is different and successful marketing techniques vary from one to another. What I am advocating is to not overreact to the current downturn and do something rash. We make our biggest mistakes when we react this way.
One of the problems many businesses are facing is a lack of working capital to pay for the marketing. If you don’t have the cash on hand, I would suggest getting a bank loan if you can. Remember, a good marketing strategy will pay you back tenfold in the long run.
Another problem businesses are facing is that getting a bank loan is getting more and more difficult. Banks just aren’t lending money.
If you have tried to get a business loan from the bank only to be turned down, I would consider looking into a business cash advance. Otherwise known as credit card factoring; a business cash advance is much faster and easier to get than a bank loan and offers many advantages. The only problem is that it is more expensive than a bank loan.
If you are not sure what a business cash advance is, or if you want to see what is takes to qualify; go to to learn more.
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