(Entrepreneur) — Sales plummet. Long-time clients disappear. Markets dry up. The economic downturn has been merciless on small business owners. But there are many resilient entrepreneurs who refuse to give up, remaining steadfastly determined to turn their companies around. And indeed they do. Consider the advice gleaned from the turnarounds featured in our ‘Small Business Comebacks’ series and how it might be useful in your business.
1. Rally your team for ideas. When revenues at Suzanne Bates’ Wellesley, Mass.-based executive coaching firm took a $600,000 recessionary dip in 2009, she turned to her employees to help find a solution. The 10-employee team at Bates Communications brainstormed how to make coaching services more relevant — and current clients more engaged in the business. Bates’ coaches then reached out to clients with everything from weekly emails to grabbing lunch to sending them leadership articles.