Many internet websites are devoted to helping businesses succeed in a slow economy. Every situation is different, but here are a few ideas you may want to consider to realize increased sales and operating efficiencies:

• Create sales opportunities by adding a new service to your current offerings.
• Increase customer traffic by offering discounts or promotions.
• Ramp up customer service. Be extra attentive to existing customers, but court new ones, too.
• Review existing credit policies that is in line with your risk appetite.
• Advertise. If everyone else is cutting back on advertising and marketing, this is your chance to be more visible.
• Split advertising costs with neighboring, non-competitive businesses.
• Set up a blog to drive traffic to your Web site.
• Reduce your inventory to only what you need.
• Establish inventory reorder levels considering inventory turnover and delivery lead times.
• Hire an intern, who will work with you to earn college credit.
• Renegotiate a deal with a supplier.
• Cut back on overtime.
• Institute a hiring freeze or use more part-time workers. This will not only save money, but also help keep you from having to lay off employees.
• Trim the cost of benefits. Some decisions might be tough for employees, but it's better to scale back on benefits than to discontinue them entirely.
• Use free software through Google or other Web-based programs.
• Send reminder letters to your past-due accounts.
• Decrease postage costs by starting an e-newsletter.
• Turn down the thermostat in the winter.
• Turn off lights when you leave a room and shut down office equipment at night.
• When not in use, turn off electronics chargers, which draw power even when not charging.
• Have everyone bring in their own coffee mugs instead of going through hundreds of disposable cups each month.
• If your business requires travel, drive instead of fly. Or instead of renting a car while you're gone, take public transportation.
• Be honest with employees about how the economy is affecting your business.
• Offer low or no-cost rewards (like an afternoon off) to employees who come up with other cost-cutting measures you can implement.