Inspiring Women Sharing Sensational Journeys
Staying Afloat in a Tough Economy
Staying Afloat in a Tough Economy
When I chose to start my business--over seven years ago--I did so fully aware of the fact that due to the nature of my business and my product price points I would have to work harder and longer than some who had chosen other types of businesses. I weighed my options, did the whole pros/cons thing and decided I would go for it. I'd been working in corporate America most of my adult life and wanted to do something that was fun and interesting--to me.
Having a professional culinary background and being a self-proclaimed addict of all things spa and toiletries related, I set out to create a company offering products and services that would inspire the over-worked, over-burdened population to take better care of themselves by nurturing their mind, body and spirit. I was well aware that selling handcrafted body care would not net the same amount of profit as selling real estate or stocks but I was totally okay with that. What I didn't think about in the beginning was the fact that sales would be sluggish if our economy were to ever hit a snag. Well, the economy is now "snagging" and sales, for the most part, have slumped as people all over the country have been forced to give up a lot of the creature comforts we have come to enjoy. Our priorities have shifted to keeping our jobs, investments, homes and families in tact.
During this time of economic hardship, I've been forced to revisit how I've been doing business and to find ways to increase productivity while reducing operating expenditures. Below are a few of the adjustments I've had to make:
~ Re-evaluate suppliers to ensure getting the best possible prices on raw materials, packaging, etc.
~ Renegotiate contracts/credit terms with current suppliers. Ask for better terms--you never know
~ Barter with other business owners for supplies, advertising space, etc.
~ Reduce number of hours spent in office/lab to cut utility costs
~ Create programs that would offer more discounts & incentives to customer base
~ Improve customer service to encourage customer loyalty (there are always ways to improve)
While it may take a while to actually see the results of these cutbacks/changes, I'm optimistic that all will work out in the end and once folks are on solid financial footing once again, small businesses will be able to breathe a sigh of relief.
What about you? How are you keeping afloat in these tough economic times? Thanks in advance for sharing your thoughts and strategies.
Linsey
www.pamperingu.com
When I chose to start my business--over seven years ago--I did so fully aware of the fact that due to the nature of my business and my product price points I would have to work harder and longer than some who had chosen other types of businesses. I weighed my options, did the whole pros/cons thing and decided I would go for it. I'd been working in corporate America most of my adult life and wanted to do something that was fun and interesting--to me.
Having a professional culinary background and being a self-proclaimed addict of all things spa and toiletries related, I set out to create a company offering products and services that would inspire the over-worked, over-burdened population to take better care of themselves by nurturing their mind, body and spirit. I was well aware that selling handcrafted body care would not net the same amount of profit as selling real estate or stocks but I was totally okay with that. What I didn't think about in the beginning was the fact that sales would be sluggish if our economy were to ever hit a snag. Well, the economy is now "snagging" and sales, for the most part, have slumped as people all over the country have been forced to give up a lot of the creature comforts we have come to enjoy. Our priorities have shifted to keeping our jobs, investments, homes and families in tact.
During this time of economic hardship, I've been forced to revisit how I've been doing business and to find ways to increase productivity while reducing operating expenditures. Below are a few of the adjustments I've had to make:
~ Re-evaluate suppliers to ensure getting the best possible prices on raw materials, packaging, etc.
~ Renegotiate contracts/credit terms with current suppliers. Ask for better terms--you never know
~ Barter with other business owners for supplies, advertising space, etc.
~ Reduce number of hours spent in office/lab to cut utility costs
~ Create programs that would offer more discounts & incentives to customer base
~ Improve customer service to encourage customer loyalty (there are always ways to improve)
While it may take a while to actually see the results of these cutbacks/changes, I'm optimistic that all will work out in the end and once folks are on solid financial footing once again, small businesses will be able to breathe a sigh of relief.
What about you? How are you keeping afloat in these tough economic times? Thanks in advance for sharing your thoughts and strategies.
Linsey
www.pamperingu.com
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