Canadian businesses are facing hard times. Fortunately, I think there are many fixes – some quick, some longer-term – that entrepreneurial businesses can make to ward off the worst of the recession.

Here are 10 quick ideas to think about:

1. Measure your marketing. Today’s electronic media offer huge advantages over old-style advertising (print, direct mail, etc.). Websites, e-newsletters, pay-per-click ads, even blogging and Twittering, all allow you to quickly test, measure and refine your messages and your offers. It’s low-cost, targeted marketing that doubles as research.

2. Leverage partnerships. No company succeeds alone. Form strategic, marketing and referral alliances with supply-chain partners, neighbouring businesses, networking colleagues, customers, friends and possibly competitors. As Hillary Clinton almost said, “it takes a village to grow a business.”


3. Figure out how you can offer more value to your customers. If you\'re serving consumers, ask yourself, “How can I ‘wow” customers with my product or service?” It’s not enough to meet expectations any more – you must go above and beyond. That gets people talking about you and guarantees loyalty, even in hard times.

4. If you are serving business markets, your No. 1 question should be: “How can I help my clients succeed?” Helping them pull through the downturn is your best guarantee of sales today and repeat business tomorrow.

5. Make a plan, have a vision. Figure out what it will take for your firm to thrive through the downturn (new products, better quality, lower prices?), and decide how you\'re going to get there. Share this plan with everyone who matters: employees, customers, suppliers, bankers, investors, friends and family. Knowing there’s a plan is always reassuring.

6. Learn more about your customers: Every team member should be looking for (and reporting back) customer intelligence that helps you plan your business, refine your prices and offer timelier solutions.

7. Make customers top of mind. Bank of Montreal has found a great way to do this: “Every meeting begins with a customer story.” (See my story in the Financial Post, April 20: “Telling stories makes for happy endings.”) I consider this the simplest and most potentially powerful business tip I have ever encountered.

8. Keep your eye on your cash. Study your financials daily. Pre-recession, most companies chased sales and growth. Today the goal is positive cash flow. Dump products with low margins and customers who cost too much to serve. Offer incentives to fast payers to keep the cash coming in.

9. Become Easy To Do Business With. ETDBW businesses eliminate unnecessary processes, rules and roadblocks that stop people from doing business with them. Think of retailers that don\'t mark prices clearly, dimly-lit restaurants with unreadable menus, and suppliers who are always out of stock. Ask your customers how you can serve them better.

10. Ask more from your staff. Tough times are the best time to ask them to work harder, make more calls, or increase their performance-based pay. According to Parson and Keyes, authors of Whoever Makes the Most Mistakes Wins, “shared adversity is powerful glue.” Assure your team that sacrifice today will make a healthier future.


For more survival tips and ideas, read my blog, Canadian Entrepreneur, at www.canentrepreneur.com