It's time to fine-tune your business. PHOTO: SHUTTERSTOCK

Continuing our series of tips for tough times, this week we share some advice from Australia's Anthill magazine. The latest edition argues that the current conditions may present opportunities for smaller businesses. Here are the top tips from the article:

1) Hire skilled workers
The downturn has meant job losses - and a wide range of highly skilled people eager to get back in the workforce. It's a great time to be hiring.

2) Cut unnecessary costs
Now that conditions are tough, fine-tune your business and filter out anything holding you back during an economic downturn. Ask customers what they like and dislike about your business and change accordingly.

3) Pick up bargains
There are dirt-cheap office supplies, furniture, computers and other business necessities available as liquidators go through failed businesses. (There may even be some cheap forklifts out there!)

4) Market wisely
Not all spending is down, and some niche markets will thrive even in tough times. And it's cheaper to target niche markets through niche media.

5) Buy cheap
A depressed market is the ideal time to buy back stock in your own company - or take a share in others.

For more details of Anthill's tips, visit the website.