Small-Business Strategies for Weathering the Economic Forecast

While the onslaught of negative news about the economy might make you want to hide under the covers and re-emerge only when the economy rebounds, that's the last thing you should do! Be bold. Be brave. And instead of thinking of survivability, think profitability.

Mike McDerment, CEO and founder of FreshBooks, an online invoicing and time-tracking service for entrepreneurs, says now is the time to generate more revenue from your existing customer base.

1. Become Your Customer's Customer When possible, take advantage of the products and services offered by your clients. Showing support for their business will help build more trust in the relationship.

2. Grace Them With Your Presence A recession is no time to hide. Be as visible as possible among your customer base. It's more difficult for c ustomers to say no during a face-to-face meeting than in an e-mail or phone conversation.

3. Open All Lines of Communication Being in constant contact with your customers will reassure them that you are thinking of them and the well-being of their business. Call, e-mail and send birthday and holiday cards. Connect to your customers through social-networking tools, as well. Establishing a strong online presence will benefit your business from all angles.

4. Organize a Customer Dinner Treat a select group of your customers to a night of dinner and drinks to show your appreciation for their business. Doing so will create a forum for feedback and a platform for networking and generating new business.

5. Hang on to Customers at all Costs The price of generating new business can be costly. If a customer is having trouble affording your product or service, try working with them to make it affordable. This will help build customer loyalty, and will certainly pay off in the end.