Small Business Recession Tips

The ailing economy has many small business owners reassessing their position within their industries. When every dollar counts, CEOs can no longer throw money at this idea and that; they must focus on what's working and correct what's not. Stu Richards, CEO of Bredin Business Information, says that 56% of newsletter recipients said they received information relevant to their industries, so now is a good time to do a little research to find out if you're delivering what people want. Similarly, Bob Johnson, VP of IDG Connect, found that only 42% of buyers said that educational and promotional content they received was relevant to their needs. Small business owners need to look at their homepage statistics as well and see if there are any "conversion killers." Read on for more recession tips that can help you reach success in any economy.

Many small business owners are seeking out recession tips now so they can plan out their holiday e-commerce marketing initiatives. Some of the nation's biggest retailers like Wal-Mart, K-Mart and Toys R Us see tremendous opportunity in this economy to bridge the gap between current offerings and consumer needs. For instance, Wal-Mart is unveiling its plan to offer 100 toys for $10 or less. "We know that price matters. We also know that having what the kid wants matters," explained chief toy officer Laura Phillips. Similarly, K-Mart is offering its list of 15 "hot toys" that will be available for putting on lay-away. "I think a lot of moms are doing the old-fashioned thing and planning and budgeting," said Julia Fitzgerald, Kmart's chief marketing officer for toys and seasonal products. "They really appreciate any tools we can give them… to delight the children and not break the bank." Toys R Us has market plans to open up 80 temporary toy stores in malls for the holiday season to make shopping more convenient.

One of the more unconventional recession tips is to consider starting up an eBay business on the side. Whether you are naturally "crafty" and love making things or you just have a lot of garage sale and antique items you'd like to get rid, there is an online market for what you're selling. As with any job, you may need to create promotional articles to lure people to your site. Aside from eBay, you may try a site like www.craigslist.org or www.etsy.com to sell some of your goods. This supplemental income can really help during a down economy. People are still buying now if the items and the prices are right.

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