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We usually bring our StoresOnline Merchants news about Search Engine Optimization and other helpful online business tips. We came across this website, StoresOnlineMerchant.com that has a lot of great StoresOnline Merchant information. There is a little bit of everything here: from SEO tips to Internet Marketing advice.
Here is an article that might help StoresOnline Merchants as they strategically reorganize their businesses during this topsy turvy economy:
StoresOnline Merchants Internet Marketing Tips
How to Recession Proof Your Small Business
Whether you believe we are in a recession or not, many of your customers may think we are and that will affect your online store.
StoresOnline Tip 1) Cutting Expenses – But Not Marketing or Sales!
Some of the things that many StoresOnline Entrepreneurs do during slow times can in fact be detrimental to their small business later on down the road. For example, your first instincts will be to cut expenses. This is a smart thing to do but just be sure you are cutting expenses in the right places. Sales and marketing are not the right place to cut expenses. If you want your StoresOnline small business to thrive you will need to continue to make sales even during the lean times.
StoresOnline Tip 2) Look at your processes like Billing
What are your billing terms? Changing your billing terms from say net 45 to net 30 will get your money into your hands faster and help with cash flow.
StoresOnline Tip 3) Review Vendor Agreements and Negotiate Lower Rates
During lean times your vendors are most likely happy to just have your business. Many of them are willing to renegotiate your current pricing agreements just to keep your business. Contact each of them and try to negotiate a lower rate or delayed invoicing at least until the economy turns around. You may have originally agreed to the rates when times were good and maybe you didn’t mind spending the extra money. But now that times are tight, you should take another look at those terms and try to negotiate a better rate. In conclusion It is smart during slower times to take a step back and look at your company.
Cutting expenses, reviewing your business processes, and negotiating lower rates for services are all ways you can do this. Don’t forget to ask your employees for their help. They know the processes better than you do. You might be surprised at how times like these can help your StoresOnline small business.
Visit StoresOnlineMerchant.com today for more StoresOnline Merchant information.
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November 21, 2008 at 5:27 am
The idea of negotiating with your vendor is a great idea. That way you dont have to cut out important things like stuff for marketing and sales. I am sure that even the vendors would be more than willing to negotiate, since you are promoting sales of their products. Hey its always worth a shot! I would be interested to hear the vendors response to the suggestion of negotation.