Review & Outlook

10 Lessons for Small Businesses in 2010

Stock quotes in this article:GS, WMT, GE 

7. Support free speech: You can't stop employees from writing about their jobs on Facebook or their personal blogs. But if you keep them happy, they can be your best marketing tools. When Six Flags declared bankruptcy earlier this year, the CEO encouraged employees to spread the word about the company's underlying strengths. Be upfront and honest about your business struggles, and empower workers to be part of the solution.

8. A great Web site drives sales: Every company needs an Internet presence, but a simple electronic order form won't bring in many new sales. Nike(NKE) set up a site for designing custom shoes and saw online revenue jump. Netflix's(NFLX) movie site -- filled with reviews and personalized recommendations -- helped attract more users than ever. Customer reviews, behind-the-scenes stories and an engaging layout can all turn casual browsers into shoppers.

9. "Made in the USA" marketing is back: As unemployment rose, Americans became more conscious of how their purchasing decisions affect local manufacturers. Small businesses that make their products in the U.S. found they had a powerful marketing tool. The new "Made in America" movement is not about politics or free-trade agreements. It simply encourages shoppers to play a small part in reducing national unemployment. These days, that's a pretty strong pitch.

10. Keep hope alive: Amid all the doom and gloom, some small businesses managed to create jobs, innovate and grow. Let's hope they're joined by many more success stories through 2010 and beyond.

>To order reprints of this article, click here: Reprints

Elizabeth Blackwell is a freelance writer based in Chicago. She is the author of Frommer's Chicago guidebook, and writes for the Wall Street Journal, Chicago, and other national magazines.

TheStreet Premium Services

Jim Cramer
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
OptionsProfits
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn More
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
Dow Jones S&P 500 NASDAQ 10-Year Note
12,369.38 1,295.22 2,778.79 17.02
Oil *
106.78
DOWN
73.11
DOWN
9.64
DOWN
34.90
UP
0.00
10 Yr
1.70%
SPDR Gold
154.55
-0.59%
-0.74%
-1.24%
+0.00%
Data delayed 20 minutes

Top Stories and Tools

Articles From

After the Bell

Before the Bell

Booyah! Newsletter

ETF Daily

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

We respect your privacy.
Podcasts

Connect with TheStreet