Positive thinking is easy when everything is going your way—when the economy is booming, your market is hot and clients and customers are calling. But what happens when factors beyond your control interfere and burst your bubble? Staying optimistic isn't easy in an economic downturn, an industry slowdown or a business drought—but it's not impossible. In an article posted on smallbiztrends.com, entrepreneur Clate Mask offers advice on how to stay "in the zone" no matter what blows you face. Read and be inspired!

Posted by Emily McMackin on November 20, 2008 11:33 PM

One of my favorite (and most memorable) articles that has been featured in MyBusiness since I've been working for the magazine is a piece by Harvey King on the FEARS virus. Harvey wrote it for us around the same time the SARS virus was a threat. Even though the piece is more than five years old and the word "SARS" hasn't been uttered in at least three of those years, I think the article is definitely worth revisiting. And I think Tim Berry, a blogger over at Entrepreneur.com, would agree.

Last week he posted about the economy and small business—and how bad it really is. And no, it's not as bad as you probably think. He says, "When things are up, they seem more up than what they really are; and when things are down, they seem worse. Reality is somewhere in between."

In other words, don't freak out. That'll only make things worse. Instead, use that energy to recession-proof your business.

Posted by Lena Anthony on November 19, 2008 04:01 PM

Sitting back and waiting for the down economy to turn around won't save your business. What will? Boosting your sales--and increasing your Web traffic is a surefire way to make sure that happens. Here are a few of Kiplinger.com's tips for generating more sales leads online:

• Get the word out. Put your Web site's URL in as many places as possible, including your e-mail signature, and all your social and business networking sites.
• Track your visitors. Determine which Web sites are driving the most visitors to your site, then invest money accordingly to augment your Web traffic.
• Don't get nosey. Don't ask your visitors for too much information; simplify your contact information to increase leads. (For more about the right way to ask for contact information, click here.)

For more about boosting your Web traffic--and your sales--check out the rest of the article.

Posted by Megan Pacella on November 18, 2008 11:42 AM

As if a flat economy weren't enough to dread in 2009, this Wall Street Journal article brings even more bad news for small business owners—higher health insurance premiums.

"As small businesses begin to receive their annual renewal notices, employers and health-insurance brokers in the South, Midwest and California report noticeably steeper rises," the article says, citing health insurers' shrinking profit margins as the reason for the increase. "Some premium increases being quoted to employers are double those quoted just a few months ago."

You're facing your own shrinking profit margins, so how are you expected to cope with the increases? Now is a good time to reassess your health coverage. Look at lower-benefits options (or higher deductibles). It may not be the most popular decision among employees, but they know that it sure beats no coverage.

Whether with healthcare costs or any other problem facing your business, getting employees involved in the problem means they can help be a part of the solution. Be open and honest with your employees about the problems your business is experiencing in this economy—and don't be surprised when they respond with great ideas.

Posted by Lena Anthony on November 17, 2008 02:19 PM

According to a report released Friday by the Office of Advocacy of the U.S. Small Business Administration, small businesses obtain many more patents per employee than larger firms.

Moreover, small businesses outperform larger businesses on several different measurements, suggesting that small firm patents are more likely to be technologically important.

“Small firms are the innovative driver of the American economy,” said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. He added, “This report adds more weight to the evidence we already have that encouraging small firms is the best way to increase innovation, productivity, and jobs.”

Download and read the full report from the SBA Office of Advocacy.

Posted by Megan Morris on November 14, 2008 08:58 AM

If you're like most small business owners, you're looking for ways to cut costs and keep employees during these tough economic times. Have you considered telecommuting? How about offering employees a four-day workweek? Sure, these may not sound like obvious solutions, but many businesses are turning to flexible, alternative working arrangements to keep employees satisfied and help them retain more of their paycheck. By allowing employees to telecommute or work four days a week, employers not only prevent burnout among their staff but also help workers save on commuting costs—effectively giving them a pay raise at no cost to the business.

Before experimenting with this kind of structure in your business, however, it pays to plan ahead. Gevity, an organization that provides HR services to businesses nationwide, offers these tips for employers who want to give it a try.

Posted by Emily McMackin on November 13, 2008 04:05 PM

Increasing your marketing budget and raising prices may seem like the exact wrong thing to do in today's gloom-and-doom economy, but it's actually not a bad time to do both, says this New York Times article.

Spending more on marketing, it argues, makes sense because your competitors are probably scaling back—so your marketing message has a better chance of being seen and heard by new customers.

As for raising prices, the rationale goes that whether there's a recession or not, the fact is that costs are increasing for businesses. As long as businesses can continue to prove the value to customers, the increase shouldn't scare anyone away.

The current issue of MyBusiness covers the basics of raising prices without losing customers. Check out the article here, and check back in a few weeks for the next issue of MyBusiness, which features the "Essential Guide to Recession-Proofing Your Business."

Posted by Lena Anthony on November 12, 2008 10:37 AM