The Alternative Board report is based on accumulated knowledge from small business owners around the nation, and immediate initiation of what the board calls the "five crucial strategies" is supposed to provide the highest impact for entrepreneurs.

The five points include advice on financial re-evaluations, sales redesign, implementing new communication strategies, attracting new customers, and networking.

According to the report, a general trend of expanding clientele is good practice. The board emphasizes that social networking tools like Facebook and Twitter are critical to raising brand awareness and attracting new customers.

Moreover, the board suggests companies "consider different ways of delivering [their] services" to appeal to customers who may not have been an ideal fit in the past.

These tips might come just in time as talks of economic turnaround continue; the Microsoft Small Business Center offers similar advice when they suggest the business leaders of tomorrow will be the ones who use this moment to "transform cold clients into warm prospects."