According to business analysts, we are slowly moving toward an optimistic time of recovery and eventual growth. As a small retailer, this is the time to position your business for success. Here are seven tips:
1) Invest In Education. Without spending too much, invest now in any education you need to make your business a success. Attend seminars online and in person, read books and trade magazines, and make sure you’re reading what’s on the cutting edge in retailing.
2) Pay Off Debt. If you can pay off any debt, now is the time to do so. Taking on debt during a recession is common, but now that it’s lifting, don’t add to your debt. Pay cash for everything you need, and put your credit cards in the freezer.
3) Go Easy On Extras. Now that money may be flowing a little more, resist the urge to splurge on extras you don’t need. Think before you add all the bells and whistles to your business or cell phone. Think before you buy new technology.
4) Follow The Market. Read the papers or watch the news. Know what is happening and stay current.
5) Renew Contracts. Have new clients sign a long term contract, and current clients renew or extend their contracts with you.
6) Hang On To Your Property. While it may seem like a good time to sell your home or business property, don’t. At this time, you won’t get top dollar and may still end up losing money. Instead, begin projects that will improve the quality and eventual selling price of your home or office.
7) Don’t Cut Prices. Right after a recession, it is common for small business owners to think that cutting prices will help attract more customers. Don’t do it. Keep your prices steady, while offering a coupon or a rewards program, to reward customers for sticking with you during tough times.
We’re finally seeing evidence that the U.S. economy is starting to recover, and now is the time for small business owners to jump to action. Don’t wait.
The preceding was written by small business expert and business catalyst, Susan L. Reid, she is author of, “Discovering Your Inner Samurai: The Entrepreneurial Woman’s Journey to Business Success.”