Three End of the Year Tips for Entrepreneurs

Fast Company has a short and sweet post with three excellent end of the year tips for entrepreneurs. Below is an excerpt:

As we close another year and look forward to what 2010 has in store, I’d like to share three year end tips to help start the New Year with success.

Tip #1 – Assess every expense.  Have you called all of your vendors and asked for a discount, better terms, or better pricing?  Have you called the competition of your vendors to get new quotes to compare to what you are paying now?  Now is the time to switch vendors and lower your monthly expenses.  It does take time to call everyone and make the changes, but your bottom line will appreciate it in 2010.

Tip #2 – End of the year Blow Out Sale.  Put together a special promotion around “the end of the year “or “beginning of the year.”   Consumers anticipate getting great deals at the end of the year and look for the opportunity to spend money when they feel it’s worth it.  If you provide enough value in your offer people will buy.   I even heard of a retail store that had a huge inventory of a specific product that wasn’t selling.  Although they wanted to lower the price to clear it out for something new, they found their pricing was already too low and any discount would result in a loss or just break even.  Instead, they decided to raise the price of the product by 30% and provide a 25% discount.  The product sold out in just 5 days.

Read the full post HERE.