By Joseph Palumbo III
If you are a small business owner or own a business and do a lot of volume in Queens, then you know the country is in a recession. As a Queens business owner, you ask yourself how much to charge for goods and services. With that, you face one question: Do you raise rates for goods and services on existing and future customers?
It is hard to make money, and the current economic state adds financial pains. You are in business to make money, but raising prices may lead to declining sales. When they decline, fixed expenses will loom, causing your bottom-line profitability to reduce.
Remember that your competition may have a “keep the wheels moving” attitude. They will sacrifice their overall profit margin to weather the economic storm. I favor this. Keeping those wheels moving and not raising prices will result in two things. First, your existing clientele will appreciate your taking an economic hit with them, thereby creating loyalty. Second, you will create new clients because they will see you as “affordable.”
So How's Business regarding pricing and Queens business owners? Staying power is the key. History has taught us that there is always change. The economy will rebound and change for the better. Have the attitude that one year does not make a career and stay loyal to your customers by weathering the storm together. That will yield more success and enable you to do business for many years.
Reach Joe Palumbo at 516-248-0256 or info@camelotlimo.com.
