Economies go through business cycles of recessionary periods and times of rapid growth. Right now, the economy is slow and in a deep recessionary period. But does this mean that you should give up and just write your destiny off to fate? You certainly should not. There are things you should do first before giving up when the economy is slow. Try the following and see if they work for you.

You first have to find different ways of doing things.
Revisit your business plan and explore new ways to produce the same product or service faster, better, and at a lower cost. When the economy is in a recession, instead of painting a picture of gloom, you and your staff should brainstorm and use this period as an opportunity to reinvent the business. You’ll be surprised at the ideas you can come up with when the economic pressure is on.

Think about what the customer wants and not how you want it.
Too often when staff get together to brainstorm ideas about how to improve a product or service, they forget about what the customer really wants. You can find out what your customers want through surveys or preferably by just talking to them.

Competition gets tough when the economy is slow.
Every business you compete with is trying to grab what little market there is. You might have to revisit your pricing strategies in order to compete but always make sure that you never drop your costs at the expense of staying financially sound. You should also look at cutting your production costs so that you can keep your prices the same. Be careful not to cut quality while you are cutting costs.

Enhance your product or service mix.
You can add value to your product or service by giving away free items or coupons with each purchase. Or, you can bundle what you offer in different ways to make it more appealing to your customers. For example, if you are a software consulting firm, you can offer free training for those businesses who buy your computer applications instead of just giving them a manual.

Step up your marketing efforts.
Don’t just rely on internet marketing. Look for ways to increase your visibility. Sometimes, just simple bumper stickers with your web address and business name is all that is needed to get more inquiries.

Build your professional networks.
Attend trade shows, Chamber of Commerce events, and professional seminars. Work on your elevator pitch so that you can introduce yourself, what it is you produce, and why you are better in 30-60 seconds.

Go the extra mile with your customers.
You may have to shrug off minor disputes to keep a customer happy. Other ways to go the extra mile could be keeping your store open a little longer, doing follow-up calls on deliveries, or sending birthday greetings. There are many ways to make your customers feel special.

Review your product guarantees.
Make sure that your customers trust your product and can get problems resolved with minimum inconvenience to them.

Optimism is the key to business survival when the economy is slow.
Always thinking in doom mode does nothing but slow your business down. Remain optimistic in spite of everything and you will be surprised at the psychological effect it has on keeping your business profitable.