A breakdown of trade deals, talks of trade wars, political turmoil that disrupts markets and supply lines: this economy isn’t an easy one for international businesses, and many economists predict that the economy will get worse before it gets better.

In economies like these, it’s a common instinct for small and medium-sized businesses to batten down the hatches and try to weather the storm. You don’t have to resign your business to merely surviving during a difficult economy – with the right strategies, it is possible to successfully grow your business even in an economic downturn.

Stay focused on your mission

One of the most common mistakes businesses make when they are trying to grow, especially in a difficult economy, is that they try to provide as many products and services to as many different customers as possible. When you are trying to serve too many people in too many ways, providing value to your customers and appealing to new customers can become difficult.

Remember that you started your business for a reason. There was a particular need you were trying to fill for a specific set of people. Focusing on that core mission can guide your business decisions and help you grow the right way.

Diversify

There are two ways to grow your business, no matter the economy: grow your customer base or expand the products or services you offer. In a tough economy, looking for ways to diversify your customer base and diversify your business is especially important. To diversify and grow the right way, look to add products and services that you know fill a need for your existing customers. Look to your competitors to see what they are offering that you should be offering too.

Add new customers by marketing and raising awareness about your business. In a slow economy, your competitors might be faltering – staying on top of your marketing and outreach can help bring some of their stray customers to your business.

Look for opportunities to expand

A difficult economy can have other businesses looking to downsize, or business owners might be selling their business. If you are working your way through the situation with a growth mindset, you stand to benefit. Look for opportunities to expand your business by purchasing portions of other businesses or by purchasing smaller companies. Just be sure that the businesses you acquire are in line with your mission and your vision for the future of your company.

Keep cash flow and credit open

A healthy cash flow is essential to a healthy business, and even more so to a growing business. Keeping cash flowing, and possibly maintaining an open line of credit, can help you to react to problems with your business, take on an unexpected larger client or even take advantage of an opportunity to expand. Maintain cash flow by setting a monthly cash flow budget. Look for ways to save on expenditures, and don’t overspend on inventory.

Protect your pricing

In a tightening economy, small and medium-sized business owners often feel compelled to lower their pricing in attempts to retain customers or attract new customers. This tactic can be dangerous, as it can decrease profits and cash flow, threatening the growth of your business. At a minimum, hold prices steady in a downturned economy, and emphasize the value you provide to your customers.

If things are going well for your business, you can bolster prices to help grow your business and maintain profits to help your business through difficult times – a small price increase often goes relatively unnoticed by customers while having a positive impact on your business growth.

Continue to serve your customers

It’s often customer service that makes one business stand out against the competition. Providing top-notch customer service is important for your business’s growth in any economy, and it becomes especially important in driving your business forward in a slow economy.

Create a culture of customer care within your company. Great customer care increases the value your business has for your customers, which helps you retain your existing customers and grow your business with the help of referrals and a strong reputation.

Leverage the advantages of being small and agile

Growing a small or medium-sized business in a slow economy can seem like an uphill battle. There are advantages to a smaller size, however, as you can make decisions and adapt to market changes more quickly. You can also provide better customer care, thanks to more intimate interactions with your customers. By utilizing those advantages, and employing some key strategies, you can continue to grow your business through a difficult economy.

The post Tips to successfully grow your small business in a challenging economy appeared first on Trade Ready.

Becky DeStigter, CITP|FIBP, is an international business consultant, speaker and author, better known to some as The International Entrepreneur.

She brings her exceptional passion and expertise in international marketing, strategic planning, market research and cross-cultural training to help companies worldwide expand to reach their full global potential.

Starting her career with a “eureka” moment

As an undergraduate student, Becky realized that international trade would be the career for her.

“I remember sitting in a university class on international marketing and having one of those lightbulb moments when I learned what international marketing entailed.”

From that moment on I knew I needed to be involved in some way in the field.

In the years since then, Becky’s understanding of the field has continuously grown, while her enthusiasm for it has lost none of its edge.

Upon graduating with her Bachelor’s of Business Administration, with a major in economics and a minor in German, Becky took a role as Marketing Manager for PACE Health Management Systems, where she gained hands-on experience in B2B technology marketing by writing proposals, designing marketing materials and coordinating trade show exhibits.

Her next role was in sales, for Oacis Healthcare Systems, and gave her a chance to rise quickly within the company. Starting as a proposal writer, Becky soon implemented steps to standardize the process, making it significantly easier for everyone at the company.

Looking at company sales figures, she then noticed a significant dip would be approaching, and the company promoted her to Sales Analyst to find ways to reverse it.

By implementing new lead generation techniques to guide customers through the sales process, introducing a CRM to the company, and teaching employees how to use it, she was able to increase the company’s sales figures back to optimal levels.

Setting off on her own unique path

With several years of experience under her belt, Becky decided to start her own firm, Park Place Marketing, in 1999. Having her own business gave her the chance to put one of the most important lessons she learned over the course of her career into place.

I wished I would have understood the importance of developing international professional relationships right from the start of my career. It took about 10 years to discover this. Now I realize that it’s not advantageous – it’s required.

Combining her marketing knowledge with an emphasis on personal relationships gave Becky the opportunity to help many technology and professional companies develop their marketing strategies, study their ROI and project management services.

Becky grew the firm over the next five years to include several clients and subcontractors, and offered her clients an average ROI of over 100%, a vast increase over the typical average of 3-5%.

Back to school – on both sides of the classroom

To augment her professional experience, Becky decided to simultaneously complete her Master’s in International Business and her MBA at the University of Colorado Denver. She was able to study under one of the world’s top academics in International Entrepreneurship, Manuel Serapio, PhD.

Her in-class results impressed the university so much that she was hired to work part-time as the school’s International Business Project Manager.

Her efforts included revamping the website to become one of Colorado’s top international business resources, and securing a grant from the Canadian government to add more Canadian-centric content to the department’s course curriculums.

After graduating at the top of her class in 2011, the university hired her again in 2013 to teach courses to upper-year undergraduate students.

One my proudest accomplishments was teaching International Operations at my alma mater. It was satisfying to see the passion students had for international business and to follow where their careers have taken them. I like to think I played my small part.

Becoming “The International Entrepreneur”

2009 was an extremely busy year for Becky. Not only was she working on her studies and working part-time for UC Denver, she also started her own consulting firm, The International Entrepreneur.

Since then, she has developed an active blog, spoken at many different regional and national events, and worked with a multitude of companies to improve their global competitiveness.

Becky has particularly enjoyed developing strong relationships with her clients, and working alongside them to maximize potential opportunities.

“I was working on a team of researchers helping a Colorado manufacturing company locate an Asian operations base.”

When the client discovered how large the Asian canned beverage market actually was (much larger than they expected), they were able to divert resources to support the market.

She’s also been able to find the joys of overcoming seemingly insurmountable obstacles with her clients.

“I have enjoyed working with technology companies who were afraid of having their IP stolen. It’s great to show options that can turn a negative, like stolen IP, into a market opportunity.”

She also recently completed a six-month project with AppointmentPlus to help develop a new product marketing function for the company, and drive advanced outbound growth-hacking techniques.

Standing apart from the crowd as an elite CITP®|FIBP®

Always searching for ways to continue to connect with like-minded professionals, Becky discovered FITT online.

“In international business consulting, there are many charlatans. They pretend to know more than they do. I was looking for a way to connect with those who genuinely represented international business knowledge and skills.

Soon after, she contributed articles to TradeReady.ca and presented a webinar on how to protect your IP in international markets.

Once she heard about the elite CITP®|FIBP® designation for professionals in the international trade industry, she was eager to earn it as well.

I was very pleased to earn my designation. It was a difficult exam and I was relieved that my experience and graduate school classes were enough to meet the standard. As a professional consultant and trainer, it sets me apart from many of my peers.

We’re excited to have Becky join our community of committed international trade experts, to continue to collaborate with her, and to see how her work as The International Entrepreneur continues to grow.

The post Becky DeStigter, CITP|FIBP – The International Entrepreneur appeared first on Trade Ready.