Best Answer...How to Grow Your Business In Spite of The Economic Downturn

As a follow-up to my recent Fuel The Story post, I submitted a similar question (How Will You Grow Your Business In Spite of the Economic Downturn) to the Linked In audience. I received some excellent advice. While Linked In asks you to choose a Best Answer, the better approach here is to share salient points from all of the answers...thanks to all who took the time to respond.

Dave Maskin

  • Utlilizing various aspects of Linkedin to get business exposure

David North

  • One of the most successful strategies for growth during a recession is to have genuine good relationships with your competitors. Some of them may go out of business and steer their business to you.
  • Work as hard as you and your entire company possibly can at two things; first and foremost serving your existing customers better than anyone else can, and then becoming better than any of your competitors at the things their customers value most.

Vikas Chandelia

  • focus on existing customers rather than reach out to new ones
  • A few approaches for retaining existing customers:-
1) Always see them as potential customer and not someone who has already paid for the job.
2) Execute well on whatever projects you currently have with them. This is likely to grow your business more than any other marketing gimmick.
3) Listen to the voice of the customer. Easier said than done! You never know when the next business opportunity arrives.
4) Finally, in this slowdown, if you can consider giving some discounts to the customer it will establish you as an innovative business which can go out to share the burden.

Natalie Kriegler

  • I will offer a broader range of "options" for our clients in terms of packages, which will include a range of services from what clients may percieve of in the first place to them as very basic and what in point of fact package-wise shall be very basic to/up to at the highest level, what is more of a customized package.
  • I will continue to be flexible if/when I feel it is necessary in terms of options, prices, services offered for all of our highly valued clients.

Julian Brachfeld

  • the most important thing is having a plan
  • brainstorm with coworkers or colleagues or mentors on what you can do to add value to your products or services

Cassie Williams

  • Most important, staying positive, and keeping my branding going forward

Vikram Jethwani

  • buy a firm that is under financial pressure and yet offers me value
  • bring down my costs, luxury overheads, and improve performance of myself and all my people

Mark Noske

  • Rightsizing
  • Diversification
  • Marketing
  • Pricing