photo credit: billaday
In today’s economy, small business owners are getting advice from their advisor’s and tax consultants left and right to lower prices, cut staff, cut pay and sick day’s as well as cutting out vacation days. However, there are several other options that a small business owner can take advantage without letting go of their 10 year veteran employee.
- Don’t lower prices. Once you lower prices, it’s that much harder to raise them later.
- Offer alternative payment options such as lay away plans, lower interest, pay online, etc.
- Avoid giving large discounts. If you give a small 10 % discount and then offer a 30 % discount later, your customers will realize you can and are willing to go much lower.
- Get control of your thinking. When time’s are tough it’s easy for most people to panic and act before thinking, get control of your thought’s before you begin acting.
- Expand what you need to expand.
What ideas do you have for stabilizing your small business?