The following ideas are steps you can take to keep your business afloat.  

Analyze your cash flow

Sit down and use either a computer software program or do it on your own and figure out where your cash flow is going. You may realize you are spending more than you thought on marketing, but are running low on product. You can redirect the money to building up on your inventory, while taking advantage of free social media sites to still advertise your goods or services.

Consider consolidating

Debt consolidation can be used for personal business loans, although debt consolidation is not a be all and end all solution, it can clear up some old debts with very high interest rates in exchange for one manageable monthly payment with a weighted average interest rate. You can also negotiate with the debt consolidate lender for a longer repayment period to bring your monthly payment down even more. This will also look good on your business credit as old debt are paid from the consolidation loan.

Cost cutting

Cutting costs may seem like common sense, but look for ways to save money in unconventional ways. For a restaurant, looking at potential changing suppliers is always an option. If you examine the costs of other suppliers and find one that is lower, you may be able to renegotiate the costs of the inventory you're buying.

Signing up for a mobile merchant account is another potential way to cut costs. A store or even restaurant can accept card payments through a mobile device and can give the customer a receipt right on their phone. This cuts down on the cost of printing receipts and also on the cost of renting an expensive terminal machine.

Outsourcing

Many times outsourcing jobs such as bookkeeping, marketing or accounting can be more cost-effective to outsource to a freelancer than paying a regularly staffed employee. You may have to consider taking a full-time employee down to part-time until you get into a better financial decision. Reassure employees they can still apply for underemployment wages and it is better to have them at part-time than to lose your business entirely.

Customer outreach

Contact any former customer you have information on, offer special deals just for returning customers. Do not always assume they will never visit your place of business again just because you have not heard from them in awhile. This is where having a social media site for your business is crucial, particularly for a restaurant. Sending a social media message about an upcoming sale or special at your restaurant reminds customers that you are still there.   Focus on excellent customer service; follow through with returning customers and concentrating on filling the need of your niche market.

There are many businesses that are suffering from this economy, but it is the businesses that will take the initiative to step back and look at their business in every perspective way possible. You have to be willing and able to adapt to the economy in order to survive and thrive in a down economy.

Jacob Thompson is a writer for Merchant Seek, a Savannah, Ga.-based company that provides advice and merchant account reviews to businesses. His articles have appeared on several small business Web sites.