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.
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