(Vocus) September 24, 2009
Keeping your small business thriving as well as surviving in an uncertain ecomony can be quite challenging. The following tips are designed to assist you in helping your small business grow and survive:
1. Hone your technology. If you don't have a sound system in place to track revenue and costs, do so now. It is vital that you know where all the dollars are going so that you can be prepared to weather the next few months.
2. Consider cutting prices. Because a small business does not have does not have a lot of expendable capital, lowering prices may be difficult. However, if cutting prices will cause customers to maintain their shopping habits with your business, cutting prices is a good idea as long as you still maintain a profit.
3. Trim costs. Cutting costs is a good business practice regardless of economic condition, but during tough times you will have to go the extra mile and cut all non-necessities out of your business budget.
4. Offer bargains. Customers are really looking for bargains now. Granted, you do not want to advertise a deal that will create a loss, but you should be able to provide some kind of special promotion that brings customers in the door.
5. The economy is cyclical. What goes down will eventually go up, so keep your attitude positive and your eye focused on the future.
Source: Rick Woody, First Bank Senior Vice President, Small Business Banking. If you are interested in interviewing Rick or other First Bank professionals, please contact Greg Severin at 314-968-3060