Don’t Let The Economy Get You Down

The economy has taken several hits and might take another here soon.  If you run a business in Cache Valley, it may be affected. You’ve probably noticed the inflation, more recent tax hikes, and that spending and lending costs more. Some businesses aren’t doing as much business as they might want and a bear market is not helping things. You might be wondering how you can keep on top of things. Well, here’s what local business experts who have dealt with this before are recommending you try to keep on top of the economic woes.

a good tax strategy will help in this economy1. Good Tax Strategies

No matter what the economy is doing, there are always tax strategies to employ for your business. The tax codes are a nightmare for those who don’t know how to work with them, though. That’s why Terri Stapley of Stapley Accounting advises getting a tax accountant if you don’t already have one. “Our job is to help businesses stay ahead of challenges and opportunities. Staying ahead will help your business find more profitable ways to continue growing even in a non ideal economy with inflation.”

2. Manage Your Reputation Online

Staying afloat in tough times comes down to how strong your reputation is with your customers. According to a marketing strategy consultant at  Atlas Internet Marketing, “Marketing trends come and go, but the importance of a good reputation remains constant. Google and other sites have the ability to showcase reviews from past customers for future customers, making that a primary focus along with good customer service will help where hashtags and pictures fail.”

If you keep in good standing with your customers, they’ll stay loyal to you, helping you get through tough times. Simply asking for reviews from your best customers will help you build a strong reputation that will draw new customers to you and keep them coming back.

3. Web Hosting

Managing your online reputation can be a waste if you don’t have a good website. With the internet quickly becoming the most common way people shop for goods and services, you can’t afford to not have a website. “If you neglect your website when things feel rough you’ll pay for it later,” says Andrew D. of Host Huski. “Keep blogs going and keep security going to ensure your site doesn’t get hacked which will hurt your reputation and Google rankings. A good hosting company can provide you with the tools you need for this.”

business networking can help you make strong connections during a poor economy4. Local Networking

If you talk to anyone who’s successful in their business, they’ll tell you that networking is important. Local chambers such as the Smithfield Chamber of Commerce connect businesses and communities together.  “Connecting with other businesses and community leaders can help you build local word of mouth relationships as well as opportunities to strengthen your community. Local businesses that are there to show support of the community develop the reputation that business is more than just money, its about people.”

Local networking is also a great way to find partners among non-competing businesses, giving you more leads on business opportunities. These partnerships create chains of word-of-mouth advertising that can be more effective than any amount of paid advertisements and will go over much better with customers.

5. Events and Promotions

Partnerships with other local businesses will also open opportunities to share costs on events and promotions. Events can be a great way to bring in people, especially if the events are free to participate in. If the economy is hurting for businesses, you can bet individuals are also feeling it. Many people will be looking for ways to get away from their worries.

Events can help them do that. Paul from CV Light and Sound tells us, “Hosting an event, providing music, food, and appreciation to customers, gives people a chance to get out and enjoy themselves. Getting your team involved with a non-profit or sponsored event that helps others lets the community know you care. That can be powerful for your business.”

Stay Ahead of The Economy in Cache Valley

We might be in for some turbulence over the next few months or even years, but you can stay on top of things with a bit of good planning. Spend some time making some connections with other local businesses and keep an ear out for opportunities to provide something for the community. Building a strong reputation online and with customers is important to keeping your customers coming back to you.

If you have a tax accountant, now would also be a good time to meet with them and discuss tax strategies for the end of the year. Knowing what options are available will help you make the best decisions now to be in a good place when the tax-man comes calling.

Taking the right steps now will help you stay on top of the economy, even when it’s not doing its best. Hard times don’t last forever, and with a bit of smart planning, you’ll be able to stick it through to see the good times come again.

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