Small Business 2003 Forecast
© 2002 Diane Hughes
It's been a long three years! The American economy has been in recession officially since 1999, and this has truly wreaked havoc on many companies - large and small, American and international. So what does 2003 hold in store? Will things remain "as-is" or will we begin to see improvements?
According to many industry leaders, drastic improvements are on the horizon. Will there be a "free fall" of money? Hardly, but if you play your cards right, 2003 can be "The Year of the Small Business."
The Economy
According to officials at a recent seminar I attended, sponsored by Edward Jones Investments and Lord Abbett (investment strategists), the economy has taken more than the "old one, two." It has taken the old one, two, three!
Three devastating events have occurred simultaneously that have never occurred (together) before. America had a recessed economy, her corporate officers created quite a scandal, and she had a stock market crash. Yes, all three have happened before - but never at the same time.
The other interesting thing these financial giants stated was that the U.S. economy has always rebounded within two to three years. We're now exiting year number three. The importance of this is that an economic rebound is just around the corner.
Already we've seen surges in the market, and greater leaps and bounds are yet to come.
Public opinion, which also plays a vital role in the state of the U.S. economy, is on the rise with over 75% of small businesses being positive about the state of affairs in 2003 (according to Dunn & Bradstreet's annual small business report).
Outmaneuvering the Competition
While all this information is good news for any business owner, it is especially positive for small business owners. As the economy takes an upward turn, small business owners are in a prime position to prosper. Smaller companies have the ability to control costs better. Small businesses (especially online businesses) excel at making changes more quickly in response to events. Smaller companies are also able to implement new strategies and policies at the drop of a hat making them "ultra-responsive" to economic changes.
All of these abilities put small businesses in place to outmaneuver their competition - *if* they pay attention and play their cards right.
Getting More Sales
The number one concern (according to Dunn and Bradstreet) at the moment is increasing business sales. One of the most effective ways to do this is to solicit repeat sales from your existing database.
It costs considerably less to sell to an existing list of clients than it does to drum up new business. It also takes less time to generate profits from existing clients than it does from new customers. Don't forget to include a review of your current database before moving onto new avenues for sales.
Repackaging of products/services is an exceptional way to create new interest. Adding a new target segment is an excellent way to increase revenues. And don't forget about asking your current customers what they need. A short and simple survey, focused on clients' needs, can provide a virtually endless supply of ideas for new products or services.
Overall, 2003 is expected to launch a new dawn in economic recovery. As a small business owner, you're in a prime position to take advantage of each and every opportunity that comes your way. Stay on your toes, pay attention, and get ready for bigger and better things to come!
======================================================== Diane Hughes is an accomplished internet entrepreneur and editor of the popular ProBizTips Newsletter. Subscribe to her newsletter for more tips, tricks, and secrets of the trade -- plus get HUNDREDS of eBooks, software and tools just for subscribing! mailto:probiznews@aweber.com