Ways To Improve Your Business During A Recession
Are you having a hard time keeping your business afloat
? Welcome to the club. Since the economic recession started, many businesses have closed and not just small companies only. In fact, big players like Ford, Citibank and Chrysler have all felt the pinch and are struggling to survive. As a small business owner with limited resources, how can you stay alive? Here are some practical tips for you:Keep only what's necessary. If you've been avoiding cleaning out your books, now's the time to do it. Clean out your warehouse and remove slow-moving products in order to increase cash flow. It's fairly easy to get rid of excess inventory since discount websites such as woot.com, hautelook.com and babysteals.com are looking to buy product. They specialize in various industries so look for one that might be interested in taking products off your hands. It's doubtful you'll make millions but till be enough to help bring in extra cash.
Organize your list of customers. Examine it carefully and see who your most valuable clients are. Organize clients into A, B, and C categories. The "A" list should contain profitable customers with high sales. "B" customers can be those with good sales but with certain problems that waste your time. C clients might be those who have purchased from you in the past but have not ordered for some time.
From your "A" customers, see who might want to reorder your products. You can send samples of new items to customers and perhaps call them to see if they're interested. Offer discounts if possible to keep your items moving.
It's always a good idea to cut costs. This may sound obvious but ask yourself: Is there something you can still get at a lower price? How about getting refilled ink cartridges instead of buying new ones? Can you offer additional discounts from services that are needed to run your business? If you can get better prices, inform your current vendor and let him match the new price quote. Maybe FedEx or UPS can give you better shipping discounts. You'll never know until you ask.
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