DETROIT – Tighter budgets, fewer job openings and the lowest capital spending since 1975 have led to one of the longest consecutive readings of low optimism according to the Index of Small Business Optimism commissioned by the National Federation of Independent Business. This year’s 88.2 reading is a sign of a depressed economy and outlook, but doesn’t account for the simple, cost-savings steps businesses should consider to withstand the current climate.
“Today’s economic pressures affect businesses of all sizes, but can be especially trying for small companies,” said Stacey Marx, Director of Small Business Solutions, AT&T. “Innovative technology and the proper support, when coupled with America’s entrepreneurial spirit, can deliver positive results with little additional resources or investment.”
In difficult economic times when every dollar is critical to the bottom line, small businesses should know that simple actions can help ensure their doors will stay open over the short- and long-term. Below are nine tips for this holiday season, 2009 and beyond.
IT-related issues can deplete resources and the bottom line, but hiring part-time IT support or training an employee can also be costly. Tech support service subscriptions, like AT&T’s Tech Support 360, provide 24/7 access to experts who can remotely fix issues over the phone and/or the Internet with great results �?? all less than the cost of hiring someone.
Use networks to share computers and other peripheral devices, cutting down on inventory costs.
Leverage social networking media such as Facebook, YouTube and Twitter to engage your audiences with effective and free communications about what�??s new with your business.
Customer data is essential to small businesses’ vitality. Restoring critical information is simpler, faster and more affordable than starting over if a disaster hits. Recovery plans can be as simple as regularly backing up to a CD, removable hard drive(s) or other portable hard drives, storing offsite or automatic online backup programs, such as AT&T’s Remote Vault.
Go green by saving power and energy with easy-to-enact and maintenance solutions.
Turn down or up (depending on the season) the thermostat when no one is in the office.
Turn off electronic equipment when it’s not in use.
Utilize laptop computers, which consume 90 percent less energy than desktops, whenever possible.
Switch to energy-saving light bulbs and use timers and motion detectors on outside and lightly-trafficked areas.
Consider online methods to conduct routine business operations. Internet-based technologies like Web conferencing allow companies to administer meetings and presentations online, thus saving time and fuel.
Marketing your small business is more important during sluggish economic conditions. Yellow Pages, both on- and offline, offer businesses great measurable, high return, an average of $13 for every $1 spent. Connect with customers when they are ready to buy – online, using their wireless device, or flipping through the phone book.
Visit Download.com to try hundreds of software products for free through trial downloads, freeware and limited versions. Manufacturers’ website may also contain free trial downloads.
Consider allowing some employees to telecommute to cut down on office-space needs. The result is cost savings on rent and electricity and employees save gas money and time.
“Michigan’s business communities are resilient,” said Marx. “It’s their dedication to the communities we live in and resourcefulness in these times that will elevate and sustain the growth of the state today.”
This column was written by Stacey Marx, Director of Small Business Solutions, AT&T.
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