Some entrepreneurs see silver lining during downturn

Dipping commercial real estate prices and vacant storefronts present a prime opportunity for some merchants to expand - even during a recession.

Restaurateurs and auto dealerships are among the optimists noted in a recent Boston Globe article that discusses some business owners' decisions to capitalize on the current economy.

Many experts advise business growth along a methodical timeline ensuring demand for a product is sufficient and financial conditions warrant expansion.

Auto dealership owner Herb Chambers, however, is simply pressing on with expansion projects he developed pre-economic crisis.

Chambers tells the Globe that he has taken advantage of cheaper labor costs and inventory prices to build out. Given expected industry consolidation, he plans to emerge a prominent player in the area when auto demand returns in the next year or two.

Others, like entrepreneur William Ashmore, are scooping up vacant properties in the downtown for his future restaurant sites, reports the Globe. Small business owners are finding marquee retail space is now available and are taking advantage of lower priced leases.

Prominent retail space may help those retailers figure prominently in the mind of window-shopping consumers.

Maintaining an active, public profile and ongoing marketing of products are ways to help small businesses weather the recession, reports Ontario's Brantford Expositor.

"I think one of the keys to surviving a recession is to make sure people know you're still open, that you have services available and make sure they know about your products," Trudy Belanco of the Brantford - Brant Business Resource Enterprise Centre tells the news source.

The business resource center has been sending out weekly tips to business owners in addition to hosting and presenting a variety of seminars and programs to connect business leaders, offer networking opportunities, and share advice on best practices during a down economy.

Customer service is another important factor in retaining or even growing business during tough times.

Businesses are reaching consumers with coupons, brochures, and other promotional merchandise to tout top products and sales.

Interactive website design is another cost effective measure to gain customer insight, respond to concerns, and let customers tell each other why they like a product or service.

And good old-fashioned word-of-mouth advertising has taken a technological turn thanks to social networks that let friends and coworkers rate and share product reviews and purchases.

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