When sales are slow, many merchants start looking for ways to reduce spending. Advertising is often the first thing to go. For you, other businesses’ cutbacks can spell opportunity. By maintaining your marketing budget, you gain an advantage over your competitors who are stopping their promotions.

Here are a few cost-effective ways to spread the word about your business.

Radio and television. You can enjoy substantial savings by buying radio spots in bulk (a year of spots at a time) or by buying spots that have been cancelled by other businesses. Cable TV is an option that allows you to pinpoint demographics suitable for your business. And when the economy is on a downswing, radio and television reps may be especially eager to win your advertising dollars, so be creative.

Direct mail. When you target the right audience, the response from direct mail can be extremely rewarding. One large North American clothing retailer posts a sign at its checkout counter asking customers if they would like to receive priority” notice of sales or other special events. This simple method allows the store to compile a list of favoured customers who are likely to come back.

Other things you can do to weather a temporary business slowdown include:

• Arrange financing, such as a loan, line of credit or business Visa card, before you need the extra funds
• Consider alternatives to permanent hiring, such as overtime or temp workers, and
• Lock in long-term contracts with your customers

Perhaps the most important thing to remember is that every "down" cycle in the economy is followed by an "up" cycle, so sit tight and wait for the boom times to return!

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5 tips for attracting and keeping the best and brightest employees

1 Schedule flex hours.
People appreciate jobs that offer flexibility. If it’s suitable for your business, some employees might prefer four 10-hour days. Others might be able to work some days at home or might prefer coming in early so they can leave early.

2 Offer rewards.
Rewarding performance is one way of showing your staff that you appreciate their work. Consider taking top performers out to lunch to show your appreciation, or giving them Friday afternoon off if they’ve put in a lot of late nights.

3 Provide ongoing training.
Give your staff the tools they need to do their job and they will be more productive and experience greater job satisfaction. Send them for training and to seminars, or bring in an expert one evening a month to update their skills.

4 Consider offering group benefits.
Knowing they’re covered by a comprehensive group insurance plan provides satisfaction and peace of mind to your employees at a potentially minimal cost to you. This coverage can be arranged for businesses with only a few employees.

5 Help employees prepare for their future.
A group retirement savings plan such as TD Future Builder is a value-added benefit that is easy to administer with no costs added to your company. Through the convenience of payroll deductions, your employees can save towards their financial goals. For more information, call us toll-free at 1-866-823-3563 or visit www.tdcanadatrust.com/groupsavings

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