It may sound risky. And it is. But running a business is about taking advantage of opportunities while managing risk. The fact is, most businesses are now shaving expenses and reducing their workforce. This is an opportunity to catch them with their pants down. While your competitors are hibernating, you can be innovating.

Still think this is too risky? Apple doesn’t think so. In fact, after the tech bust in 2000, while its competitors were laying-off workers and moving tech support to India, Apple decided to assemble a new engineering team to create a little device we now call iPod. They didn’t stop there. Apple also decided to push forward with its retail stores, which cost the company billions, but soon became famous for their blow-out openings attracting thousands of ravenous fans lined-up around the block. When the market hits Pause, Apple hits Fast Forward.

What does this mean for small business? Here’s a list of simple, cost-effective ways you can create brand vitality as your competitors slash their marketing budgets:

• Improve your product. Or diversify your services. This doesn’t mean throwing a bunch of money at your widget or gadget or whatever you make or sell. It means thinking creatively.
• Blog. It’s that simple.
• Go green. Stop using so much paper, dammit. This is the 21st century. Appoint one of your staff to be the official Green Czar, preferably someone who’s already into this stuff. They’ll enjoy the process. It will improve company moral in these trying times. And your customers will dig it as well. If your business is anything like ours, going green might actually save you money.
• Re-brand. There’s no way to truly quantity bad design, but if I had to guess, I’d say at least 95% of corporate design is either ineffective or outdated or both. For small businesses, re-branding doesn’t mean losing your shirt. It might be as simple as developing a new website, putting a new sign up, printing new napkins or whatever.
• Register. With everything. There are countless online business directories and social networks out there. Most of them are free. All of them will improve your web traffic and increase public awareness of your brand.
• Start measuring. Give discounts to customers who fill out surveys. Learn who these people are. Start analyzing your web traffic. You don’t have to hire some slick e-marketing firm to do it. Analytics is free.

Of course, Wilkie Birdsall can help you with each of these things. And don’t think for a second we’re not drinking this Kool-Aid ourselves. After all, we founded this shop a month ago, right when this whole economic thing started to get really messy. Everyone told us it was a bad idea. And now, one month later, some of the same people have called to ask if we’re hiring.