Does the current economic outlook mean that new businesses should cut down on their marketing strategies? Not necessarily, especially if you have a coherent business model and identify early a strategy that will maximise exposure within the relevant markets.

According to Toju Ogbe, associate programme director at PR firm BatesPanGulf (BPG), now is the ideal time for small businesses to make their mark on the marketplace.

With such uncertainty over the market, bigger, more established firms are choosing the safer option of stepping back until the economy improves.

The subsequent void presents an ideal opportunity for smaller businesses.

'Big firms are withdrawing into their shell, if I was a small business, now is the opportunity for guerrilla tactics,' says Ogbe.

'Everything is being pulled back because of the economy and the opportunity is there for small firms to make themselves known. This is the time to do it.'

For business-to-business companies, Ogbe recommends that budgets are spent on remaining proactive and attending conferences and exhibitions, while for business-to-consumer firms, attending social or networking events would be the most effective approach.

A third option lies with the internet and social networking sites. 'Online PR is not expensive and can be a very strategic way to position your business,' says Ogbe, who also stresses the need to identify a niche market early and target it accurately as opposed to wasting money by having too vague an approach.

Ogbe adds: 'We are beginning to see a lot of businesses cut down [on marketing] drastically. My advice would be don't. Don't cut down, but do look for smarter, more cost efficient ways to market.' This is giving the few who had the foresight to continue spending on marketing a helping hand.

'It isn't like before. Then you would get given a blank cheque, now all ideas are scrutinised for the best option, the alternative ways to create publicity. And I don't see the market changing in the next 12 months.'

To ensure that budget will go as far as possible, businesses should identify ways of cutting overheads, anything that will enable marketing budgets to remain in place. One example, says Ogbe, is that if the business is employing an agency or an external PR , don't wait six months to question in detail how they have used your budget and what they plan to do with the remainder to ensure you are getting the most from it. 'Now is the time for smart marketing,' he says.