Small Businesses Affected by Financial Crisis - 1191 Words

Small Business affected by Financial Crisis The purpose of this research study is to review how small businesses are affected by economic crisis, to assess the effects of marketing strategies on business performance and to identify strategies that can help small businesses grow in troubled times. The following 5 literature reviews attempt to demonstrate and support the hypothesis. In a research article by Jeffries (2011) stated how there are four ways to bounce back after a recession. The four recommended strategies to help your business bounce back after a recession are innovation, looking into government programs and partnerships, work on developing future businesses and rethinking how you do business. It is hypothesized that†¦show more content†¦They were also determined to improve the current economy. The research article states 3 key components that any small business owner can incorporate to improve the success of their company quicker. Business owners should create intermediate products e.g. newspapers and or free consultations to bring in their customers. Secondly they should survey their customers to analyze how their products are being used. And last, a loyalty program should be created to reward their customers for buying and using their products. It is hypothesized that small businesses emerge with strength to overcome the economy because they are better able to respond to their customer needs. In the research article by Krell (2011), the Small Business Administration Office of Advocacy defines a small business as an independent business having fewer than 500 employees. In the article it mentions that successful small business leaders tend to treat risk as a two-sided coin. Meaning that they will identify and mitigate threats on one side while seizing and exploiting opportunities on the other side. Due to the economic crisis, there has never been more threats or opportunities confronting small businesses. The study shows that small business sales are weak because of the decline in optimism in business owners. There is uneasiness among small business owners about future opportunities. Since the economy is not growingShow MoreRelatedBritish Petroleum And The Deepwater Horizon Crisis1583 Words   |  7 Pagesimpacted. Key publics that were impacted include British Petroleum’s board of directors, employees, local businesses in the surrounding areas, and the environmentalists that got involved. The goal of our audience analysis is to analyze and predict the different behaviors and preferences among key publics in order to better communicate and effectively mitigate the effects of the Deepwater Horizon crisis. 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