Tips For Thriving in Today’s Economy

Even as some of the nation’s largest companies this week cut tens  of thousands of jobs – and Congress and the new Administration work to craft a  stimulus plan to revive the economy – there are women entrepreneurs and  business owners finding ways to maneuver in these difficult times.

While challenges abound, many say now is the time to take even  more aggressive and strategic decision to propel your business. Among their  tips:

MARKET MORE

Jenny Craig founder  Jenny Craig recently told Inc. Magazine that her company has beefed up  marketing rather than reduce it.

“Rather than cut staff, we have gone against the conventional wisdom and advertised to bring in  more business. While our competitors were hunkering down, we would spend a bit  more than we had planned, which resulted in a huge competitive advantage.”

Ms. Craig and her  husband founded Jenny Craig Inc. in 1982 in Melbourne, Australia. The company  eventually grew to include 655 weight loss centers in four countries. In 2006,  Nestle SA bought the Carlsbad-based company for $600 million.

NETWORK BROADLY AND DEEPLY

This is not the time to withdraw or isolate, but rather to strengthen existing ties in the business community while seeking out new meaningful connections.

Gail Froelicher, president of NAWBO Columbus, Ohio, and owner of Kinetic Insights, LLC, an executive and business coaching firm, said the depth  of relationships is becoming even more important than the size of a business  owner’s network.

As a referral-based business, she makes a point to follow up  contacts with a personal phone call. “We can talk about it and get a little closer; it’s building more depth in networking relationships.”

Some of Miami’s NAWBO members now meet once a month at a Barnes & Noble for an inexpensive breakfast and coffee solely to network and  brainstorm as the real estate market there has taken its toll.

With business down by about 30 percent for many entrepreneurs,  each woman brings to the group her most pressing problem and together they offer solutions.

Members say such live networking - aside from the practicality-  also lifts their spirits and helps them find the strength, support and  inspiration to strive further with their businesses.

EMBRACE SOCIAL NETWORKING

For most company officials, connecting with peers and customers  via the Internet is essential.

And in addition to e-mail, blogs and Web conferencing, there now  are a number of social networking sites available and most agree that social  networking is the wave of the future.

Beyond www.facebook.com,  there are sites like www.linkedin.com and www.merchantcircle.com.  Investigate social networking sites in your specialty as well. Another fairly  new technology allows you to micro-blog with customers, employees and others in  real time at www.twitter.com.

Cathy Feldman, publisher of  Blue Point Books and NAWBO Santa Barbara, Calif.’s chapter president, also  urges “data mining,” or going back into old files to reconnect with former  customers.

By reminding former customers of previous work, and ascertaining  their current needs, “You sell yourself again,” she says.

ADVERTISE FOR FREE

Refine your company’s message and keep abreast of cutting edge  issues to position yourself as an expert for journalists, academics and others  who can get your name into the public domain. Participation in community  organizations and causes is another way your name and company can end up in the  news.

Jonna Martin, president of NAWBO Greater Rochester and owner of  AdvanceMe Associates, said she discovered www.helpareporter.com as  a resource allowing business owners and others to see what reporters, bloggers  and major news outlets are inquiring about around the country each day. The  service seeks expert comment and is not intended for promotional use, however.

CUT LABOR COSTS WISELY

While you may need to cut staff at some point, carefully weigh  layoffs against hefty rehiring and training costs that may eclipse those  savings later. Instead, consider other ways to trim labor costs in the short  term such as eliminating overtime, reducing salaries if feasible, or allowing  more employees to work flexible schedules from home.

Angelika Coghlan, president of NAWBO Chicago Area and owner of Catwalk Consulting, said after 9-11 the technology consulting company  discovered it could function almost entirely as a “virtual” office with employees working online from their home offices. The firm leases limited  office space at a nominal fee providing a business address and a meeting room  as needed.

“In this economy this is the time to look at employees, infrastructure, space, technology, databases, the whole big picture. So many  people have archaic ways of doing things.”