How to stick with your small business through tough economic times. Being the owner and entrepreneur of a three-year-old company here on island, I hardly thought I qualified to author a column on how to stick with a small business through tough economic times.

But on second thought, I realized that having been an entrepreneur since 1984, my collective experiences have indeed imbued me with a great deal of insight as a small business entrepreneur. Over many years and several ventures, I myself have had to learn to create, promote and stick with my venture through good times and bad.

I come from an entrepreneurial family. My parents started a metal fabrication company in 1974. They worked hard at it and developed a business that won awards for successful business practices. They sold it in 1990, when they retired, but the company is still vibrant and growing today.

As a child, I worked in the family business and learned the benefits of hard work and how to stick with something until it was finished. It was there that I first experienced the tremendous pride and recognition for a job well done. My parents would not only acknowledge my efforts -- they would also proudly discuss it with friends and neighbors. I wanted more of that, and made every effort to produce those results again and again. It became addictive and has stuck with me through every venture I embark.

I recall my first business venture where I purchased 11 vending machines, convinced 11 companies to put them in their lunch rooms and sat back thinking the profits would just flow in ... but they didn't. I quickly realized I actually had to work at it!

I eventually figured it out and the venture earned enough money to live on, without dipping into the salary from my full-time job. I sold that business after five years and started looking for my next venture. As a full time graphic designer, I decided to strike out on my own in a field I knew well. I did that for a while, but working full-time as a graphic designer and providing the service after hours were just too much, so I went back to what I knew would work and give me a break from my full time job. I bought two concession booths, one sold the best hamburgers and fries in town. The other made the thickest milk shakes and sold the largest ice cream cones anyone had ever seen! I maintained a full time job and hired a staff to run the concessions booths.

Both booths did quite well, provided a nice income and gave me time and energy to partner in my next venture – a marketing agency. I found a business partner and started the marketing agency in 1990. The agency quickly branched into publishing, and produced a ‘Small Business Guide’ with major distribution throughout Western Canada. Within a few years we launched a small business network online that promoted networking, training seminars and trade shows for small business.

The lessons I learned as a pre-teen and young adult in my parents business helped me steer successfully through many ups and downs in these ventures.

Here then are a few tips about riding through tough times and keeping business going that I can offer to small businesses:

Take advantage of the recession
Tough times are good times to get noticed. Unfortunately, many businesses --large and small -- cut their advertising and adopt a “wait-and-see” attitude in tough times. As your competitors make themselves invisible, take the chance to stand out. Look for cost-effective ways to advertise and keep your name out there.

Get back to basics
We all know the value of networking and using good, old-fashioned word-of- mouth to promote your business. Here’s another staple -- bartering of goods and services among your network contacts. You may not always have cash to pay for what you need, but you can trade off with services.

Build relationships
Remember when you first started business how important it was to court friends, neighbors, friends of friends and anyone who could be a potential customer? Go back to building these relationships and reach out to other businesses, vendors and associations in your industry.

Manage your time
It is quite a cliché, but yes, time is money. Analyse your business to determine if you are making the best use of time to produce your goods or deliver your services. Look at all your business activities in terms of what adds value and what does not. Make changes, if necessary.

Manage your money
Keep a tight rein on the credit you extend to customers.  Streamline your billing process to keep receivables to a minimum and make sure that your customers know and stick to your credit terms.

Offer new products or services
A good way to re-position your business during tough times is to offer new products or services, developed through constant feedback with your customers.

Know your customers
To strengthen your company, your business needs to go above and beyond to satisfy your customers by finding new ways to help them achieve their goals. This is where you can use social media to your benefit. Communicate with your customers to build alliances, develop relationships and earn your customers’ trust.

Running a small business requires a daily process of re-commitment. Fortunately for many owners, their business is also a passion, which helps to keep going day after day.

Once you commit to being there for the long haul, these words from Winston Churchill can help strengthen your resolve to make it work: “Success is not final; failure is not fatal; it’s the courage to continue that counts.”