YourDependableVA's Blog

Survive and Thrive: Adjust Pricing

Posted on: August 17, 2009

Pricing adjustment is key to having a successful sale in a recession. It is a best practice to continuously monitor your prices of goods and/or services in your industry.

Competitive Pricing

The first step in competitive pricing is to check your competitors’ prices in person or online. If you cannot beat your competitor, offer something extra and adjust your prices accordingly.

Non-Inclusive Services

This is an option only step. Some things that you can charge extra for may include emergencies, deliveries, etc.

Rent Reduction

It is always good to keep an open dialogue with your landlord, especially in “tight money” times. Speak with him/her regarding rent reduction. Some landlords offer a short abatement period of which can lessen the financial stress of the business owner.

Reduce Personal Costs

One step that many business owners overlook is an internship opportunity. This can become a win-win situation for both the business owner and the intern. The business owner gets the help they need and the intern gets the working experience. Check your local college/university for internship opportunities.

Trade Discounts

Talk with your vendors about trade discounts. This happens when the business owner builds a good relationship with the vendor. The business owner would then receive a discount from the listed price sold by the manufacturer.

Sell Unproductive Assets

If you have inventory that hasn’t moved in 10 months, it is probably not going to move anytime soon, however it might have value to someone else. Have you ever consider selling some of your merchandise on eBay or Craigslist. Also, speak with your supplier about getting credit for your outdated inventory.

 

In a recession cash is at a premium. Using these tips and tricks will help you to increase your company’s premium and reduce the stress caused by hard financial times. To see more of my blogs on how to survive and thrive in this recession, go to https://yourdependableva.wordpress.com/.

About the Author: Priscilla Walker is the president and CEO of Your Dependable VA, Inc. (YDVA, Inc.), a business support & cost effective solutions company. We provide high premium business support and cost effective solutions for small businesses. We focus on administrative assistance, social media marketing, and business development. For more information, please contact us at YourDependableVA@gmail.com.

“Have a More Productive Day with Your Dependable VA!”™

 

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