1.     Offer discounts, not freebies.  The goal is to increase sales not lose sales, and if you start handing things out you won’t even make a penny.  However, it may be smart to offer your goods and services at discounted prices, especially to your loyal repeat customers.  This shows them that you understand times are tough and want to help them get through the struggle.

2.    Curb unnecessary spending.  Now is probably not a great time to purchase new computers for everyone in your business or plan a move to a new space.  Stay put and save that money for emergencies that come up, like the company vehicle breaks down or you get a huge lead and need to fly across the country for an important meeting.

3.    Don’t do anything drastic.  If you feel the only way to stay in business is to lower prices, do it slowly.  See how your clients/customers react to a slight change and gauge how low you really need to go.  Often times even the slightest discount makes people feel as if they are saving plenty.

4.    Encourage balanced saving/spending.  As we know, the economy needs us to continue spending in order to survive.  But at the same time we need to save since everything we own is becoming worth less and less.  Encourage family and friends to continue buying necessities but to cut back on big token, unnecessary items.  For now…

5.    If it ain’t broken, don’t fix it.  If your spending habits were fine before the economy took a turn for the worse, why change?  If you feel financially stable, don’t cut back or increase spending.  A sense of normalcy might be good for us all, especially those of us who can afford it.

If you have any other tips, please share them with us!