Ask an Expert: Entrepreneurs, it's time to do the hustle

— -- Q: The stock market meltdown is frightening on many levels, but for my small business it could be catastrophic. What now? — John

A: No one likes to see the glass as half-full more than me, but this is no time for a rah-rah, "Let's think positive!" cheer-you-up column.

No, the truth is, we are in a heap of trouble, my friends.

Watching one's retirement portfolio greatly diminish is frightening enough, but equally bad is anticipating how a severe economic downturn might effect your business and figuring out how you are going to survive.

Here's what I think you need to do now:

Hustle, and then hustle some more:However it is that you get customers, do it, and then do more of it. And then keep doing it.

• If it's an advertising campaign, keep it going, and even consider expanding it.

• If it's cold calling, call more.

• If you network, join more networks and get out there even more.

Why? Because the sad truth is that some of the people who buy from you now are going to stop buying from you in the next six months. Either they will have gone out of business, or they will find your goods or services cheaper elsewhere, or they will be tightening their belt and will cut back on whatever it is you offer.

Whatever the reason, expect to lose some important customers. As such, you have to start replenishing the coffers now.

80-20 your customers and products:The 80-20 rule will be more important now than ever. Remember who your most important customers are, your vital 20% that create 80% of your income, and kiss their tushies. Offer more, for less, take care of them, given them great service.

And while you are at it, work at targeting customers similar to your best ones. Think about how you landed your best customers and recreate that effort, wooing other potentially great customers.

Lower your prices:In the coming days, everyone will be looking for a bargain, so consider giving them one. Even sellers of high-end goods are going to be caught in the upcoming economic squeeze, and their customers too will be looking to save.