Go Back to
www.IndependentRetailer.com MANAGEMENT Growing Business
ACCORDING TO business ana- lysts, we are slowly moving toward an optimistic time of recovery and eventual growth. As a small re- tailer, this is the time to position your business for success. Here are seven tips: 1) Invest In Education.
Without spending too much, in- vest now in any education you need to make your business a suc- cess. Attend seminars online and in person, read books and trade magazines, and make sure you’re reading what’s on the cutting edge in retailing. 2) Pay Off Debt. If you can pay off any debt, now is the time
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to do so. Taking on debt during a recession is common, but now that it’s lifting, don’t add to your debt. Pay cash for everything you need, and put your credit cards in the freezer. 3) Go Easy On Extras. Now
that money may be fl owing a little more, resist the urge to splurge on extras you don’t need. Think before you add all the bells and whistles to your business or cell phone. Think before you buy new technology. 4) Follow The Market. Read
the papers or watch the news. Know what is happening and stay current.
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5) Renew Contracts. Have
new clients sign a long term con- tract, and current clients renew or extend their contracts with you. 6) Hang On To Your Proper-
ty.While it may seem like a good time to sell your home or business property, don’t. At this time, you won’t get top dollar and may still end up losing money. Instead, be- gin projects that will improve the quality and eventual selling price of your home or offi ce. 7) Don’t Cut Prices. Right
after a recession, it is common for small business owners to think that cutting prices will help
continued on page 94
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