Nearly everyone has struggled with the economy in recent years, and if it's at all consoling to keep in mind that you're not alone in this, then please feel free to proceed with that thinking. Small and large businesses alike are still feeling the crunch as they teeter on the edge of going out of business. The question on everyone's minds is the same: what can be done to prevent going under? Fortunately, there are quite a few ways to give your business its best chance at staying afloat and maintaining profitability. Read on to discover a few simple beneficial actions that your business could be taking right now.

Cut Overhead Costs

Many businesses are unknowingly spending more than they need. This poses no problem when money is flowing in, but in the current economy, it wouldn't hurt to cut back on expenses. The first step in this process is knowing your books to better understand your expenditures. Having this information in front of you will create a clear picture of where costs can be reduced.

Now, how do you go about reducing those costs? Consider buying items used versus new, through discount web sites or wholesale stores versus full price retailers, and - as simple as it sounds - using only as many supplies as you need. Evaluate whether your office space is being used and consider downsizing to a lower-priced space if possible. Let go (kindly) of employees who are no longer needed. Trading in additional employees for interns is also a possibility, as interns are usually eager to work in exchange for course credit or for a reduced hourly rate.

Evaluate your service packages and research if less expensive options exist. Service packages that a business can commonly negotiate are those relating to office telephones, cellular phones, Internet, and shipping services. In certain cases, it may also make sense to consolidate credit card debt and work with creditors for an extended repayment period.

Finally, consider trading your business' products or services for other products and services you may need. Not everything needs to be bought with money. Develop relationships with other businesses (smaller establishments may be easiest) to gain what you need. It will take a bit of your own efforts, as you will owe your trade partner your business' services in return, but you will likely end up paying much less than the full price.

Focus on Customer Satisfaction

We can't stress this enough. Every business should constantly be focused on customer satisfaction, and it is this practice that has made San Diego's Verant Group such a successful restaurant company. Eric Lingenfelder, managing partner for this growing company explains, “Our biggest focus has been on customer service. We believe that customer service is the most important ingredient to success in any type of financial market, but most importantly in a struggling one. We have focused on serving a better quality product, using organic and sustainable ingredients, and today, give guests a variety of locations to choose from.”

By providing customers with a range of choices and paying close attention to quality control, The Verant Group has continued to experience consistent success, even in tougher times. Another way to keep customers coming back repeatedly is by building close relationships, as practiced by The Wine Pub, a unique and inviting wine bar located near the entrance to Shelter Island.

Proprietor Sandy Hanshaw explains, “I think the key for The Wine Pub has been in creating our own loyalty program of sorts. We have a great local client base that comes in 3 to 5 times per week. Some even come in every day! By creating a comfortable atmosphere and providing excellent customer service, our customers feel at home and enjoy our company as friends. It is these very loyal customers that have gotten us through the tougher economic times, and we’re grateful for them.”

To create these strong client relations, stay in touch with customers' needs, encourage feedback about your business, and discover ways to express why your business makes sense. Selling yourself to customers is usually very transparent, so keep contact friendly and light to avoid pressuring anyone. Go ahead and actually enjoy this chance for increased interaction, and don't be afraid to treat a customer as you would a friend.

Evaluate Marketing Plans

Marketing plans need to be adapted and altered over time, yet most businesses fail to do this because it feels comfortable to stick to what they know. Carrying out the same marketing actions repeatedly yet expecting better results each time is a poor way to spend money and effort. In these times of economic downturn, re-evaluating your company's current marketing plan can prove exceptionally beneficial, if not necessary.

One possible revision to consider is the introduction of increasingly cost-effective marketing, such as utilizing email instead of traditional mailing services, and planning for financial stability over the long-term. Additionally, small businesses are at constant risk of becoming invisible to potential consumers, so incorporating moves to boost visibility are also likely to boost your profits in the long run. Anything from getting a better sign for your storefront to using the technologies afforded by the Internet (yes, this includes social media) can be helpful to your business.

Increase Efficiency and Realize Strengths

Many businesses could boost their profits if they could only get more done with less effort. Increase your office efficiency today and watch as productivity drastically increases. Cross-train employees and broaden staff responsibilities. Organize office space for increased function. Keep tight control over projects (and the costs associated with these projects, while you're at it). Offer performance-based rewards (they need not be grandiose) to motivate staff, and request daily recaps to keep track of what is being accomplished.

When attempting to increase efficiency, it becomes imperative to realize the strengths of the company. During the downturn, San Diego's Discover Pacific Beach found its strengths to lie in the diversity of the community it represents. Andy Hanshaw, Executive Director of Discover P.B., says, “We’re fortunate to have such a diverse group of small businesses here in Pacific Beach.” It is this diversity that has allowed the businesses associated with Discover P.B. to survive. “Signs are showing gradual improvement, and increasing tourism numbers at the beach is welcome news to our members in the hospitality and retail industries.” Hanshaw's positive outlook in the face of adversity leads into one last, but very important, tip...

Practice a Confident, Positive Mentality

Whatever measures you take to help yourself along, it never hurts to keep a positive attitude. The economy is affected by consumer mentality as much as it is by the measurable concept of supply and demand. If possible, ignore tedious bad news about the economy, and instead, focus on the positive aspects of your business and life. Exuding confidence, whether done in earnest or with a fair amount of effort, will increase your mood and may just end up rubbing off on your employees and clients. If all else fails, you've never quite lost the battle if you can keep a smile on your face and hope in your mind.