SmallBusinessNewz

Recently, Vitabase CEO Greg Howlett predicted the death of the little guy in online business in 2008.

This is a man that is responsible for getting two multi-million dollar companies off the ground, so it's not as if he has no experience in the field.

"It is simply going to become more and more unfeasible for small budgets to compete online," he says.

If his prediction is true, then what are you going to do to get the most out of your small budget?

Review Your Marketing Plan

Step back and evaluate your marketing techniques. It is up to you to assess the situation and figure out which methods are working for you and which aren't. Are there steps you can take to improve the ones that aren't or are they just lost causes? Sometimes a method can seem like a lost cause when the proper amount of time isn't put into it. Take social media marketing for example.

Time is money, so if you don't have the time to dedicate to a particular marketing method or the money to pay someone else to do it, perhaps that particular method is not for you, but I will say, if you have the resources, exploring as many marketing options as possible is probably going to work to your benefit.

Assess Expenses

Take another step even further back, and look at your business spending practices. Look for ways to cut costs so that money can be put to more helpful purposes (such as more marketing).

Look at your office supplies. Can you get better deals from other suppliers? Do you have employees that are constantly lacking something to do? Perhaps it is time to consolidate. It sounds harsh, but you're running a business, not a charity. Don't make any hasty decisions in this area if there just happens to be some temporary downtime, but evaluate your employee/workload ratio. These are just a couple examples. If you look hard enough, you'll probably find all kinds of ways to save money here and there.

Network

Get to know people in your niche, especially the big wigs. Go to conferences. Participate in blog and social media conversations. Frequent forums related to your niche. Brand yourself as an expert in your field and become known. These are ways to build credibility and those with credibility will have a better chance of survival.

Perhaps "death" is a bit of a strong word in the context of Greg's prediction, but he's right in that it's not going to be easy. Being budget conscious is as important as ever and yours should be taken into consideration whenever making a business decision. What advice do you have to keep an online business alive in 2008?