Tom Shay is the feature speaker for the 2013 Business Management Workshop in San Antonio at the Crowne Plaza Riverwalk, Jan 10-11, 2013. See his tips and more at Profit +Plus Solutions for Small Businesses.
Tom Shay's Tip 3: Systematically Plan Your Changes
In a challenging economy, many businesses approach the challenge with a ‘butter and toast’ strategy; they simply want to spread their cuts around like one would evenly spread butter on a slice of toast. However this approach does not always work for business.
- Analyze what your best hours are before cutting them back, don't close your doors for the day at a high traffic time when most of your customers are looking for you.
- Don't lose sells, research what your top selling inventory is before taking it off the shelf.
- Evaluate your staff before cutting, for an outlet known for great customer service, you may be eliminating your best selling point.
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