Well, we don’t know for sure what’s coming or just how tough things
may get but maybe we should pool our experiences and thoughts.
Some thoughts from me…I’m not being doom and gloom, just thinking
Sales will drop. It’ll be tough to sell anything. Cash will be King
so be prepared to alter your prices and/or terms when needed. Get a
jump on the competition. But sales are only half of the equation.
Costs are the other half. Look at reducing your overhead somehow.
Maybe delay certain purchases. In other words…Conserve Your
Capital. Don’t be bled nickel and dime. Don’t just watch your
Credit is going to be hard to come by. Remember that even if you’re
successful in getting a bank line of credit that the bank can call
the note whenever it wants. Don’t count on being able to finance
things for the term you originally expected. I would look to trade
credit. Even then I would use it very sparingly, but you will have
more flexibility if/when you wind up in arrears. Stay in touch with
your creditors. When you’re silent for too long they start getting
nervous. Don’t duck the calls. Suppliers who have been around for a
long while might be more willing to accept late payments as long as
the payments do come. 500 bucks a month for ten months is way better
than waiting til you accumulate the five grand.
Take a look at expanding your service department if you have one. Or
start one if you don’t. Things like appraisals, repairs. Restyling of
customer owned goods gives the client an opportunity for a new look
at a lower price. People are still willing to invest in what they
already own. Yeah, service can get you through, and build your base.
Not everyone is suddenly broke. Gift occasions will still happen.
People may change their habits to suit conditions. You should change
to accommodate. Tailoring your price points is something to consider.
I hope to see an avalanche of good suggestions and ideas here, Folks.
I know a lot of you have been thru hard times and survived(me too).
Tell us how you did it!