As the economy keeps on tumbling there are a lot of worried people wondering what they should do. Well below I have listed a few scenarios to think about:

Scenario 1: As a small business owner if you are short on cash then you may have to start liquidating your inventory by lowering the price a bit. Also, cut back on utilities and hours that may not be helping your business. On top of liquidating start looking into the service industry if you already do not partake in it. You may be able to help your business by providing consulting or technical support in that particular market. This may help provide another stream of income. If you are really strapped You may want to shop around town and see who you could merge with. Obviously, this is tough decision on you, but it maybe your last hope. (more…)

As everyone has noticed the market is down. This is obviously effecting your business just like everyone else. But what can you do to help your business stumble through this recession? There are two ideas I have for you to think about. One is in regards to your marketing concepts and the other is in regards to typical economics. 

First, just has everyone has stated in the news, try extending your sales period. I would say not only extend your sales period, but try to capitalize on customers returning items. You already have them in your store so now it is your time to convert them into another sale. Where do you advertise to them? Use the Internet to your advantage! Start your gorilla marketing campaign now!

(more…)

After numerous bank closings and watching the Fed cut rates down to 2.0% the signs of a recession are getting stronger. The market is hitting a five year low while oil prices continue to rise as the US dollar falls. So, what are you doing to keep the “Open” sign in front of your business? As a student in economics and being the frugal person I am here are some ideas on how to help your business cut cost on numerous fronts. Please be in mind that you want to cut fixed cost as low as possible while limiting the usage on anything that is a variable cost. This tip alone should help you save a few bucks.

First Tip, cut the power usage in your business! How do you do this? Start by installing fluorescent light bulbs in all light fixtures. Another way to cut electricity is turning up the thermostat during the summer or having it automated to fluctuate during certain periods of the day. If you own your own building look into getting a soy roof or a green roof. This should help the longevity of your roof and help reflect the light during the summer which will help your building stay cooler. With this in mind look into getting an awning for your front windows to help reflect the sun off the front of your store to help save some cost. Lastly, shut off the lights in rooms that are not being used frequently. This was always drilled into every child’s head while growing up. (more…)

With gas on the rise many business owners are having a hard time paying at the pump. Being a young economist I have found a few things that have worked for me as well as many other small business owners. Some of you may already be partaking in these activities, but hopefully I note a few ideas that you may have overlooked.

(more…)

An easy way for you to update all of your social networks and blogs is a new tool called Ping.fm. Have you had a hard time keeping tabs on all your social sites like Facebook or MySpace? Well Ping.fm  is the place for you to update all of your sites in one clean swoop. The site is currently in its beta stage, which means there are some kinks to be worked out. You must also ask for an invite from the web-master to gain access.

Why is this helpful?  If your business is online and you are partaking in social networking sites then this will save you loads of time. This help you manage your time a little better without having to go to every site to update your status bar. This will update your contacts who will then look at your profile, which will hopefully drive more business to your site.

Who should use this? If you’re a business owner then you must be online and using sites like Facebook. If you are not using these sites you are falling behind your competition. Ping.fm helps you relieve the stresses of having to go to every site all the time.

How can you get it? Just go to Ping.fm to access the site and do a quick read up to see of this site will help your business. If it does ask for an invite  or ask for the invite through @Pingfm on twitter. The gentleman that responded to me was Sean and he was most helpful.

Just like you use Ping golf clubs to help you hit a golf ball in one clean stroke, Ping.fm helps you update your status bar for all your sites in one stroke. Check out this little handy tool that will help you save time, so you can spend more time swinging a Ping on the Golf Course. 

If you have more questions on how to do this or want help in social marketing please let me know. Or if you have anything else to add please comment or email me. Thanks for your help! 

Email: questions@businessonthemound.com.