Entrepreneurs – Now Is The Time To Economize In Order To Survive The Recession
Entrepreneurs – Now Is The Time To Economize In Order To Survive The Recession
So now you have to protect your business for the rough times ahead so here are a few ideas for you:
• Go over all your expenses and expenditures so that you understand what is going out and what you can cut out all together.
• Set yourself up a realistic budget that you can keep to and hopefully make a profit with.
• Ensure that any payments you make are planned and within your budget. Avoid any impulse payments by insisting on taking your time with making your decision. In that way the must have gadget that you really needed last week becomes an expensive mistake that you have avoided.
• Review all your loans and credit card statements and see if you can rearrange your loans to the lowest credit costs you can get.
• Look at how much it costs to deliver your product. Can it be trimmed down in any way? Can you mail your products in a smaller box, using a cheaper service?
• Can you cut your manufacturing costs in any way – cut your run times? Manufacture at a cheaper factory? At a cheaper time? Etc.
• Have a good look at your stock? Can you sell some at special rates. Stock is dead money until you sell it – in fact it costs you money to store and count? Have a sale, bundle some of the items together.
• Look at the prices you are charging. In recessionary times people will hold onto their money very tightly. Can you lower your prices at all? Can you bring in a special offer that will attract the cash strapped potential customer? Think what Marks and Spencer are doing with their food – the £10 Meal for 2 including wine and how well it is going. Also how other supermarkets are dashing to catch up with this best selling idea. What M&S lose on the £10 deal they make up for by bringing in so many others to the store and who just spends £10 on a food shopping trip? They have successfully repositioned themselves from an expensive food store to an affordable, good quality food store and their sales are booming!
• Make your customers feel good doing business with you. In these gloomy times helping your customers feel happy in spending money with you – helps us all. Think of offering free coffee, an extra smile or just that bit extra great service. Not only does it encourage them to spend with you rather than a competitor but they might even stay (and spend) a little longer!
Good Luck!
Entrepreneurs Now Is The Time To Economize In Order To Survive The Recession - To learn more about this author, visit 's Website.
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The recession is biting, your profit margin is shrinking and you want your business to survive so what do you do? Well you retrench – dig in and ensure that you business will still be viable when the recession ends.
So now you have to protect your business for the rough times ahead so here are a few ideas for you:
• Go over all your expenses and expenditures so that you understand what is going out and what you can cut out all together.
• Set yourself up a realistic budget that you can keep to and hopefully make a profit with.
• Ensure that any payments you make are planned and within your budget. Avoid any impulse payments by insisting on taking your time with making your decision. In that way the must have gadget that you really needed last week becomes an expensive mistake that you have avoided.
• Review all your loans and credit card statements and see if you can rearrange your loans to the lowest credit costs you can get.
• Look at how much it costs to deliver your product. Can it be trimmed down in any way? Can you mail your products in a smaller box, using a cheaper service?
• Can you cut your manufacturing costs in any way – cut your run times? Manufacture at a cheaper factory? At a cheaper time? Etc.
• Have a good look at your stock? Can you sell some at special rates. Stock is dead money until you sell it – in fact it costs you money to store and count? Have a sale, bundle some of the items together.
• Look at the prices you are charging. In recessionary times people will hold onto their money very tightly. Can you lower your prices at all? Can you bring in a special offer that will attract the cash strapped potential customer? Think what Marks and Spencer are doing with their food – the £10 Meal for 2 including wine and how well it is going. Also how other supermarkets are dashing to catch up with this best selling idea. What M&S lose on the £10 deal they make up for by bringing in so many others to the store and who just spends £10 on a food shopping trip? They have successfully repositioned themselves from an expensive food store to an affordable, good quality food store and their sales are booming!
• Make your customers feel good doing business with you. In these gloomy times helping your customers feel happy in spending money with you – helps us all. Think of offering free coffee, an extra smile or just that bit extra great service. Not only does it encourage them to spend with you rather than a competitor but they might even stay (and spend) a little longer!
Good Luck!
Entrepreneurs Now Is The Time To Economize In Order To Survive The Recession - To learn more about this author, visit 's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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