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!

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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…)