Posts Tagged ‘Incentives’

What’s The Best Way To “Get The Word Out” About Your Small Business …. Word Of Mouth Or Social Media?

June 29th, 2009 admin

If you have a small local (niche) market, cheap local advertising is somewhat effective for the purpose of exposure. However, I’ve found that word-of-mouth exposure pays off the best.

Thus, I recommend asking your happiest (perhaps even most enthusiastic) clients to recommend your services/products to whomever they feel might be able to use them. Offer them discounts or even freebie incentives to encourage them to refer your business.

If your referral network grows, you might find your existing clients doing most of the selling of your business/products/services for you.

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What Are The Best Pricing Practices For Small Business During An Economic Slowdown?

December 3rd, 2008 admin

In an economic slowdown your pricing is determined by factors like input cost of production or distribution channel cost etc. ….. which are primarily working on market factors. Generally one should be working on a reactive strategy of open price …. which allows for revision in product pricing over a shorter time period instead of quarterly or yearly market driven slashes or increases.

The important consideration is to try to maintain sales, even if some of them yield marginal or no profit (i,e, break even).

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Big Job Losses

November 7th, 2008 admin

The employment numbers out today from the U.S. Bureau of Labor Statistics were simply depressing – though not surprising.

For example, based on the household survey – which often captures more entrepreneurial activity – the story is quite grim. Since the November 2007 peak, the U.S. has lost nearly 1.7 million jobs.

Meanwhile, the payroll survey points to a loss of 524,000 jobs in the last two months, and nearly 1.2 million since this past December’s peak.

The payroll survey also offers a look at the private sector jobs picture.

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