Some useful advice for small businesses in a down economy

All countries all over the world had to face one of the biggest regression in history. The more developed the countries were, the worse consequences they got from the down economy. The Great Depression of 2008 - 2009 has made many companies break down and lose everything they have had. Nevertheless, some small enterprises still found the way to survive and even got successful through this hardest time. The question is how they could do that. The article "Succeed in a Down Economy" would help us understand more about how some of the small businesses can succeed, as well as provide other small enterprises with some useful advice that they could utilize to overcome the thread of breaking down. In this article, Liz Lasater, the CEO of Red Arrow Logistics Company reveals some of her tips to succeed despite the depression. She mainly focuses on 5 factors: understanding customers, being reliable, not stopping spending money but needing to financially prudent, being strategic and building a strong team.
First, having customers is the reason for a company to exist. The enterprises need to understand what the customers need and how to meet their needs. Companies need to be adaptable to customer's demand.
Secondly, the small enterprises should keep their promises once they deliver it in order to get trust from the customers.
During tough times, people tend to stop spending money. However, a successful company would find smart ways to cut costs while still providing quality customer service and staying visible to your customers.
Together with the changes of the economy, the business should also develop strategies. Match your services and products to your customers and determine which industries and companies may have the greatest need for your services in the current business climate.
Last but not least, building a strong team also plays a very important role in conducting success.

Reference:
http://www.businessweek.com/smallbiz/tips/archives/2010/10/succeed_in_a_down_economy.html