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05/20/2008

The Key To Profits During A Recession Is Preparation

The following are eight ways to keep profits up in an uncertain economy.

1) Take a good hard look at what�s in your product line. Some hold their own more than others and prosper in a recessive environment. Determine what degree of emphasis each product should receive.

2) Some of your products might benefit from creative repositioning. The reasons they sell during difficult times might be different from why they sell during prosperous times. You might get a benefit by emphasizing different aspects of the product.

3) Channel your marketing resources. During difficult times it might make sense to put more resources toward your established clientele than recruiting new prospects. They�re already customers, part of the family. A dollar spent on an established customer might deliver more than a dollar spend on recruiting a new customer.

4) keep in mind that your business costs have fixed and variable components. Manage your variable costs as closely as possible.

5) Think of strategies to accomplish a reduction in markdowns, but be careful not to hurt your customer service level.

6) Provide more stimuli for purchasing by assuming a more aggressive posture on incentives to create increased sales.

7) Conserve capital investment. Do not be aggressive in your inventory buying plans. Be more restrictive in additions to staff and building expansion.

8) Zero in on the services of your trade exchange to maximize cash flow.


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