The present economy is very tough for everyone especially the small business owner. With all the business closures, mergers and buyouts by the big businesses on Wall Street, the trickle-down effect is taking its toll on Main Street businesses. Staying competitive in a very slow economy is important for a small business and devising a sound strategy will help a small business when sales slow. A recent survey conducted by The Small Business Research Board indicated that many small businesses are utilizing price increases to offset the inflationary pressures of the economy. This is certainly a way to offset one’s own expenses at the expense of your customers. Other ways to possible offset higher business costs may be to streamline your operational budget (yes you need to budget) and look for ways to cut costs by using technology. If all else fails however, an increase in your prices may be your only defense. Ultimately the small business owner needs to stay abreast of the changes in their industry and always plan ahead for slow economic times.
Keeping Your Business N Synergy