When business gets slow and cash is low, what can you do?
When Business Gets Slow and cash is low, What can you Do?
There are times when a business goes from generating extra cash to generating not enough cash. Any business that has been around for a few years will experience the ebb and flow of our economy…especially in a recession.
There are several ways to promote your business, whether you have an offline business, online business, or home business.
One way that comes to mind usually is to run a price promotion. It is easy to do and will often fill the immediate need for short-term capital. It’s especially easy if you have an active, loyal email customer list. Long range, it’s likely to hurt though. I don’t mean to imply that price promotions are all bad. They are often good. Close-outs or special promotions will help both the supplier and the customer.
Another way is to create a fun event where you invite your A-list of customers to attend and receive offer discounts. You could say that the new inventory is coming in soon, and you want to give them the advantage of saving some money in this terrible economy. I’m sure if you put your mind to it, you can come up with ideas.
A third way could be as simple as creating new methods of advertising your product or service. An ad, a poster, or even a new display unit, are some of the methods that could be used to boost sales and generate some quick cash.
I remember a friend who had an appliance store. When he received a stove that had a dent in it, he advertised it at a low price and told his customers that the reason why was that it had a small dent in the bottom that they wouldn’t even notice.
When he had over 300 people inquiring about the item, he quickly realized that he could sell a lot more units, if he intentionally dented the units. He did, and sold out immediately. He does this all of the time now and makes a small fortune. It’s a win-win…his customers get the units at lower prices and he gets sales.
What is important when business slows down is that you are willing to do something to get things moving.
Let me know your thoughts.