| ign="center"> | | | | online advertising sites. As more and more people |
| In this economy, we know that survival requires a | | | | have access to the internet and begin their search |
| change in strategy for the small business owner. | | | | there, it makes sense given the cost of print |
| Yet, for many who already operate lean budgets, | | | | advertising. |
| the adjustment will not involve the output of | | | | - Co-op Advertising |
| additional funds for projects and advertising. On | | | | Advertising arrangements between business |
| the other hand, this is where a sharing of | | | | owners (manufacturer) and vendors are also |
| resources with other business owners might | | | | being utilized more. This is a form of co-op |
| make sense. | | | | advertising where both parties share advertising |
| They are experiencing declining sales, increasing | | | | costs. A bartering arrangement can take a |
| costs and decreasing lines of credit. Plus, they are | | | | struggling business off life support. The vendor's |
| realizing a shortage of cash that cannot be | | | | brand can create awareness of their product. |
| generated quickly enough to stay competitive. It's | | | | - Bartering |
| no wonder advertising and marketing budgets | | | | Barter Exchanges are on the rise. Although |
| have been substantially reduced, it not eliminated. | | | | bartering is the exchange of goods without the |
| So, what's next for the small business owner, and | | | | involvement of cash, there is a monetary value |
| how do they survive? In some cases, a business | | | | to this arrangement, and does require an accurate |
| cannot be saved, as the pressures of this | | | | accounting of the transaction. as in the above |
| economy can weigh too heavy. However, for | | | | case of exchanging advertising exposure for a |
| those small businesses determined not to give up, | | | | donated product or service. Some entrepreneurs |
| there is help and resources from all 3 branches of | | | | are using this method as a way of building |
| governmnet; city, state and federal? | | | | business relationships. In most cases, it is hoped |
| First, there are two choices these business | | | | these new relationships will result in paying |
| owners must make; to struggle through, taking no | | | | customers. |
| action, while hoping for a quick economic | | | | - Diversification |
| turnaround or map out a plan for survival. For the | | | | Diversifying product offerings is a good business |
| entrepreneur who is determined to come out of | | | | strategy, and should always be considered. |
| this still standing, here are some approaches being | | | | Likewise, individual small business owners can tap |
| used for the purposes of gaining new customers, | | | | their own skills, as well as, explore investment and |
| continuing to build business and ultimately increase | | | | business opportunities to create income. |
| cash reserves. | | | | Robert G. Allen wrote a book called Multiple |
| Expand Marketing Strategies | | | | Streams of Income¹, which is 350 pages and |
| - Increase in networking: | | | | 18 chapters of ways to diversify one's business |
| Networking groups are increasing in number and | | | | interests. Allen talks about getting paid for using |
| so are the participants. Business owners are using | | | | skills that many business owners already possess, |
| these groups more frequently to increase | | | | such as: |
| business and gain referrals. Some are attending 5 | | | | - Selling Information - Desktop Publishing - Website |
| or more networking events per week, 2-3 per | | | | Building - Public Speaking |
| day. Also, memberships in online social networking | | | | Because most business owners must wear a |
| groups is increasing. | | | | multitude of hats, these skills can be turned into |
| The quality of a networking format and agenda is | | | | sideline profits. |
| also becoming more useful for the entrepreneur. | | | | It is well known that anyone who starts a |
| Many local networking groups are no longer | | | | business must be willing to be uncomfortable |
| getting together only for lunch or to exchange | | | | most of the time, because we are always |
| business cards. This type of networking is | | | | stepping outside of ourselves. Clearly, this is one |
| non-beneficial for someone looking to grow their | | | | of those times when it cannot be business as |
| business through substantive business connections, | | | | usual. In these days, business as usual could mean |
| as little time is made for actual networking. | | | | no business at all; so, isn't surviving in this |
| An alternative is a networking group structured to | | | | economy an extension of that belief? Shouldn't |
| provide brainstorming and consultant advice, free | | | | small businesses be prepared to make |
| of charge. Here is how it works; a business is | | | | adjustments, to change strategies, and to adopt |
| randomly chosen each week to receive expert | | | | some of the methods listed above? There needs |
| advice, and the other networking group members | | | | to be a viable plan that can lead to implementation |
| critique the chosen businesses' strengths and | | | | and cash generation. To do nothing, can be fatal |
| weaknesses, as well as, its marketing strategies. | | | | to the already struggling business. And, no survival |
| The business is offered advertising and marketing | | | | plan should look like that. |
| suggestions on how and where to attract more | | | | Source:¹Multiple Streams of Income¹, |
| customers, based on the needs of the business | | | | Robert G. Allen, Second Edition |
| and market conditions. Because this format gives | | | | Debra Barrow owns a small homebased business, |
| the business owner a greater opportunity to | | | | and is also an Affiliate Marketer, specializing in |
| network, retention is high. | | | | online stores. She has backgrounds in education |
| If a networking group cannot be found with this | | | | and corporate business and financial analysis. She |
| meeting outline, it can easily be established. | | | | is a member of IAHBE, International Association |
| - Complimentary services and products | | | | of Home Based Business Entrepreneurs, a division |
| In exchange for publicity and free advertising, | | | | of SFI |
| some entrepreneurs are giving away services and | | | | (Strong Futures International) |
| products to showcase their abilities and gain new | | | | Report this article |
| customers. The company or event receiving | | | | This article is free for republishing |
| these freebies are often prepared to provide a | | | | Source: |
| great deal of advertising exposure to the donating | | | | Republish this article |
| business. This is somewhat in the form of | | | | |
| bartering, as discussed below. | | | | Ask a Question About this Article |
| - Businesses merging: | | | | >> Can i legally share my office in |
| In order to strengthen their businesses, some | | | | hackensack? Do i need to register the person or |
| entrepreneurs have decided to merge. This | | | | business sharing part of my office space? |
| includes competitors. Merging reduces costs as | | | | >> Can I reinstate if I fall behind on |
| common tasks performed by both companies are | | | | payments? |
| combined. | | | | >> How can I make my e-book website |
| - Online advertising: | | | | stand out from all the other ones? |
| Due to cost, many entrepreneurs are reducing | | | | >> I'm especially struck by the truth in |
| their print advertising while increasing online | | | | these ... |
| advertising. Many are switching to the popular | | | | |