We all know about Wallyworld. How they swooped into town and took a lot of business away from the small owners. This business left the small ones high and dry. I am not saying that this is a crooked way to do business, but how did they accomplish that?
They had a business goal to provide the same service with a better deal and lower prices. They were not in business for the short term. They had a long term plan where every aspect was well calculate and well executed. They did their research, listened to what the people were saying and they fulfilled the need.
How do you stay competitive with a Wallyworld style business? Lets consider each aspect of your business. What do you invest in Internet, website hosting, graphics, shipping, advertising, supplies, etc?
Here is a quick list on how to lower your price in a slow economy without reducing profit.
- Take a good look at each aspect of your business and see where you can trim a little money off there, or here.
- Figure out what is a “need” and what is a “want”. All this should be inline with your business plans and goals.
- Order materials bulk or wholesale
- Reduce the amount of time you spend on each product, but still pump out quality
- Hire someone at a lower hourly rate than what you pay yourself. Research this idea because you may have to pay some additional tax or insurance.
- Start or join a buying co-op
You can start today applying a lot of these tips to your business. Here is to working smarter not harder.
Many Blessings,
