New Opportunities are Born Out of a Faltering Economy

The article in The Dallas Morning News (12/7/01) highlighted the growth of new small business ventures. Mike Stamler, a spokesman for the Small Business Administration said they’ve been getting substantially more inquiries about how to start a business, with 50 percent more information packets being sent out from October 2000 to October 2001 than in the previous year.

In Dallas, where I live, the SBDC (Small Business Development Center) has experienced a 125 percent increase in people interested in attending small business workshops in the past two months.

Unusual? Not really. Past recessions have helped propel budding entrepreneurs to take control of their financial future. It occurred after the 1991-1992 recession in Texas, where new businesses increased by 8 percent from 1990 to 1993.

What does this mean to you as publisher or advertising director? It means there are pockets of new opportunities which you should be paying attention to and cultivating in the short term…for the long term! There’s potential growth opportunity when you tap into and cultivate small businesses at the local level.

Small businesses are valuable local commodities that need to be nurtured in order to grow and thrive. Unlike national accounts, you have direct contact and influence with these local business decision-makers. They are searching for information and ideas to help them compete more effectively in the marketplace. The more useful information you can provide, the more valuable you become to them and the more they’ll listen to your insights and advice.

Make sure your sales reps have the necessary marketing tools, training, skills and knowledge to properly advise clients. Can they articulate the benefits of using your advertising products and services versus your competitors? Cultivate their knowledge of your products, services and customers on a regular basis. Keep them abreast of product changes and improvements. Ask all employees to be your ears in the community, they may  uncover and identify hidden product or service opportunities in your market.

Make sure your sales reps are aware of and understand local economic trends and growth patterns. For instance, is there a growth trend in your market in a particular business category (i.e. home-based businesses, service-oriented businesses, women-owned businesses)?  Is there a population growth pattern in specific geographic locations in your market that will attract and foster the growth of supporting businesses and services? Identifying emerging opportunities is vital to your current growth and future success. It’s also vital in helping local businesses position their products/services for future growth.

In a soft economy, small local businesses need your assistance and expertise more than ever before. Help them navigate these soft economic times. Remember, their success is your success! Your ability, or inability, to help them sustain and grow will have a direct impact on your bottom line, the success of your newspaper, and the health of your community.

Dixon of AdWorks is a speaker and marketing consultant based in Dallas,TX. She can be reached at 972-818-5472 or by e-mail at LADixon@aol.com.