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Expert Answers to Biz Questions Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz. 5 Tips for Running a Business During Difficult Times   Running a small business can be very rewarding, but any business owner will say it is a rollercoaster of emotions. Things will go fantastic until they're not. A sudden hit to the business could put the business in turmoil very quickly. It is good to try to plan for emergencies, but a person can't foresee everything. Once a business is suffering during a tough time, there are things to do to keep the business afloat. Keep Marketing When things get tough, some business owners see marketing as a cuttable expense. Ignoring digital marketing is not a good move. Without advertising, customers won't know the products or services of the business. Using Google to keep the relevance of the business is a good start. Creating strong leads is even more important for a business that is struggling. Debt Relief Options A debt management plan allows a person to pay off credit card debt in full at a low-interest rate with little to no fees. The debt relief options available to consumers are also available for businesses. There are two questions to ask before looking into debt relief. After business cuts, is there hope of repaying the debt the business accumulated within five years? Is the total debt at least half of the business' gross income? If this describes the business, a business owner should consider debt management, debt settlement, or bankruptcy.    Debt settlement is a bankruptcy alternative that may allow a business owner to get out of high-interest credit card debt within 4 years.  In a debt settlement program, the debt settlement company acts on behalf of the client to negotiate a repayment plan with the debt holders.  Often these payments are more manageable and the client experiences relief quickly.     If a debt settlement program is not a fit, then a business owner may want to consult a bankruptcy attorney to understand that option.  The process of chapter 7 bankruptcy takes about four months from start to finish and it will erase most of the medical debt, credit card debt, and loans. It will stay on a person's credit score for about a decade and be very detrimental to your credit score. A person will still owe taxes after bankruptcy. Track Competition Do not lose track of competitors during a tough time. When times get tough, any industry gets more competitive. There will be competitors in any industry. If a business owner doesn't watch the competition, the other businesses could start aiming for the markets their business was surviving on. The more information a business owner has about competitors, the better equipped they will be in the industry. Another point is that the competitors' way might be better, and the information could help the business adapt to the new landscape. Keep Competitive Prices When things get tight in a business, customers need to know about the products and services. Customers also need to know the business has the best service or product for their money. Pay attention to the price of the competitors' services or prices to make sure the business is competitive. Being a jack of all trades can get a business more clients. When times are hard, focusing on the company niche could get more attention. Watch Economy It's hard for a business owner to keep up with all economic changes. It's even harder for them to predict events. It's good to try to stay in the loop with general information that can affect their specific market. After the UK left the EU, there was a major impact on many businesses. Many of them never saw it coming. A person can only control and plan for so much. A business owner should focus on the business and have confidence in their services or products. 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