Part 5 of a 5 part series
- Falling profits (before owner’s compensation).
- Falling owner’s compensation.
- Falling or stagnant sales with falling profits
- Rising expenses.
- Cost of goods sold.
- Decreased gross margin.
- Significant adverse deviations from budget.
Steps to Improve: SELLING IN HARD TIMES
- Adjust to changes in the economy; don’t do what you always did.
- Cash in on hard economic times.
- Repair services prosper in hard times; plan accordingly.
- Do-it-yourself businesses prosper in hard times.
- Small business start-ups increase in hard times.
- Movers and car rentals grow in hard times.
- People earning over $65,000 per year are less affected in hard times.