RECESSION SURVIVING IN RETAIL
Most financial experts agree that it is not wise to give big discounts during a recession and advise against offering sales in your store.
History shows that when times get tough discounts are not a good thing to use for people you do not know personally. If you start offering 20-percent-off everything in your store you are giving away too big of a discount and will only attract shoppers who are only looking for big bargains.
A better strategy would be to reward your long standing customers with reasonable discounts. It tells or clients that you value their patronage and it will help build customer loyalty.
Here are some more smart retail recommendations:
1. Don't panic and lay off staff. Cutting staff will lead to those customers getting worse service or longer waits. If you do anything at all try upgrading your work-force by keeping the best workers on your staff, get rid of the worst and hire better.
2. Focus on promotin your business through local marketing outlets. Look at casting a smaller net by marketing your business to a more regional, local or even neighborhood style medium.
3. Don't turn down business. No business should be considered too small. If, in the past three years, you would have turned your nose up at--for example--ordering a blind for one window, take it and use it as a focal point when entering your home.
COUNT YOUR MONEY
In todays struggling economy it is the time to take a long, hard look at your financial situation. See where you may have been wasting money. Can you find some areas to cut your budget? How can you bring in more income?
Last thing is to begin building a cash reserve if you do not have one starting already. A reserve of cash is always a good idea and it pays to have something stored safely away for emergencies--say, like a recession.
