The word “recession” is in the air and lots of people are nervous. Businesses are reporting that new business is down and current clients are taking longer to pay. What is a small business gal to do? First of all, don’t panic!! This is normal. Yes, it is normal. The economy goes up and down, and business slow downs are a normal part of life. And I know you may be tempted to discount your services, but resist. Remember, you are charging people for the value you bring, not the exact amount of time you put in.

One key to surviving a recession is to focus on your current clients. It is far easier to sell to current clients than it is to bring in new clients. Bringing in new clients takes time and money. Marketing is expensive, even if you shoe-string it. And remember, your time IS money. (I am not saying to stop all marketing. No, no, no. You want to keep your pipe-line full. )

A former client emailed me to say that she is picking her 10 most high-value clients and taking them out to coffee or lunch, one per week, to thank them for their continuing business and referrals. Since she has more time on her hands due to business slowing down, this is a great way to spend it. But she is not discounting her services for these people. They know her and like her.

Instead of discounting, can you find a way to add more value to your current clients? (The woman above took them to coffee or lunch!) Perhaps you can offer an additional service to your current clients, with their pocket book in mind. In my case, I run groups. It is less expensive to attend my groups than to work with me one-on-one. I’ve had some clients cut back their one-on-one time with me and attend these groups. This way, they get lots of value and pay less.

Stay focused on your current clients and take good care of them. But always go the added-value route. Not the discount route.