We hear daily reports of small businesses going bankrupt. But for every small business that goes belly up, there are dozens more that are thriving. Here are three lessons from them on how you can operate your business to survive even the deepest of downturns:
1. Agility. Small businesses have a great advantage in a fast-changing world: they adapt quickly. Without layers of bureaucracy slowing them down, small businesses can act fast to changing circumstances.
2. Rapid testing and refining. Social media and online marketing tools allow even the smallest of businesses to do real-time market testing. They can also engage customers and build a community around their business.
3. Planning. Plans are often outdated as soon as they come out of the printer. Small businesses tend to focus more on planning and less on plans. They watch their surroundings and act accordingly.
Today's Management Tip was adapted from "How Small Businesses Win Big in Tough Economies" by Jeff Stibel
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