social network | Financially S.M.A.R.T. Advice

As the reports of company shutdowns and employee layoffs continue to dominate the financial news worldwide, it would be understandable for small business owners to feel slightly panicked about their future. How can they possibly survive, much less succeed, in the middle of a global recession?

Last week we explained that entrepreneurs can weather the economic storms by adjusting their offerings to meet changing customer needs. In fact, small businesses can be more flexible at creating innovative products or services to take advantage of new opportunities, unlike many large enterprises.

Once your product or service is designed to meet the current needs of your customers, the next step is to maximise your marketing. Many organisations look to cut costs by reducing their marketing budgets, but to outlast the tough times, you actually have to increase your promotional efforts. Continue reading How To Maximise Your Marketing →

Last week we explored some of the financial challenges being faced by many consumers in this tough economy. It seems that everyone, regardless of financial status, is reeling from the effects of the spiraling cost of living and the shrinking value of money.

There are really only two things to do when there isn’t enough money to meet your needs – cut back on spending or earn more money. Let’s take a look at some practical things you can do right now to ease the pressure of these challenging financial times:

Reduce non-essential spending

With this global financial crisis, it’s definitely not the right time to get involved in extravagant spending sprees. It’s smart to be prudent with your money at this time, so don’t spend too much money on non-essential expenses such as entertainment or clothing.

Become more price-conscious

In the past, shoppers could just pick up their favourite brand name items without concern for price; now you must scrutinize prices to ensure you’re getting the best deals. Recently, I noticed that my regular brand of corned beef cost nearly J$70 more than a perfectly good alternative. What’s worse, the cheaper brand found in this supermarket was over J$20 less at another location! Continue reading Steps to surviving a tough economy →