Has Your Business Benefited From the Downturn?Business owners who've survived the downturn have gained some useful skills that could pay off as the economy improves.

ByCarol Tice

Opinions expressed by Entrepreneur contributors are their own.

There's been a brutal shakeout over the past few years in the entrepreneurial world. As of March, there weremore than 1.5 million fewer self-employed peoplethan there were in March of 2007, according to non-seasonally adjusted data from the Bureau of Labor Statistics.

But looking on the bright side, the business owners who have survived havegained some useful skillsthat will likely continue to pay off as the economy improves. Here's the upside of making it through the downturn:

  • Less overhead.Nearly every company that made it found ways to cut fixed costs, whether from downsizing office space, moving to a cheaper building or going virtual.
  • Sharper marketing.If you didn't know how to market your business before, I bet you know how to do it now. Entrepreneurs who'd always made it purely on word of mouth had to learn new marketing skills in the downturn, and now they can be used in the improving economy to earn even more.
  • Buying smarter.From office supplies to insurance to phone service, costs got scrutinized and better deals were found. And even though the economy is starting to improve, there's no reason to switch back to more costly providers -- helping you keep your lower cost structure.
  • More flexible workforce.Many companies switched tocontract laboror outsourced tasks to specialized providers to save money. Unless demand picks up so much that a full-time staffer is needed, you can keep on using contractors.
  • New products.Maybe your own products didn't appeal to newly frugal shoppers, so you changed them or introduced new ones. Now, you can reap the benefits of your more diverse product array.
  • New markets.If your current market wasn't buying, you may have found new customer segments or moved into new geographic areas. Consider building on that expanded base.
  • Stronger relationships.你是否与其他企业合作r town to do marketing, or got closer to your vendors, those who've come through the fire together have formed unique bonds. Now, you can leverage these relationships to grow together in the good times.

What did your business gain from the downturn? Leave a comment and let us know.

Carol Tice

Owner of Make a Living Writing

Longtime Seattle business writerCarol Ticehas written forEntrepreneur, Forbes, Delta Skyand many more. She writes the award-winning Make a Living Writing blog. Her new ebook for Oberlo isCrowdfunding for Entrepreneurs.

Editor's Pick

Related Topics

领导

Young Workers Don't Want to Become Managers — and This Study Uncovers the Reason Why.

The average person has no interest in becoming a manager anymore, and the missing middle is putting companies at risk.

Business Solutions

Grab Microsoft Office for Windows with Windows 11 Pro for Just $60

An inexpensive upgrade to help you work more efficiently.

Making a Change

Get Lifetime Access to 1,000+ E-Courses for $33

With this limited-time deal, you'll unlock immediate access to more than a thousand courses and new ones added each month.

Business News

Jeff Bezos Becomes His Own Neighbor, Purchases $78 Million Florida Mansion Next Door

The billionaire bought another house in the same Florida neighborhood in August.

Business Ideas

55 Small Business Ideas to Start in 2023

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.

Business News

Barbara Corcoran Says Dyslexia Was Her Biggest Motivator: 'It Takes a Lot to Get Over the Damage Done'

The "Shark Tank" star opened up about overcoming negative self talk.