Is pricing strategy an art or science? It is some of both. The business owner / CEO know
the art of appealing to the company’s customers. The CFO must ensure the science of pricing
provides the critical foundation to execute the strategy profitably.
A strategy of ‘Simple Pricing’ may capture the attention of customers who shy away
from confusing pricing options.… Read more >
When customers are scarce and you’re having a hard time paying your bills, you need to start hoarding your cash. There are many ways to reduce the amount of money flowing out of your business—and implementing just a few can make a big difference.
Here are some of the main areas to look to when you need to cut costs:
- discretionary spending (nonessential maintenance and employees)
- rent (landlords are more willing to renegotiate a lease in an economic downturn)
- capital costs (put off that new equipment purchase), and
- payroll (you might not need to lay anyone off—instead, temporarily cut back salaries and hours).