Therefore, shop owners should place a high emphasis on reducing invoicing errors. *E-mailing or faxing your invoices in an effort to speed up the payment process. *Making changes in the payment terms for slow-paying customers (e.g., changing a net 30-day term to C.O.D.). With fewer people buying, and with consumers needing a greater reason to buy, this might be a good time to test products and services offered by other segments of the industry, leading consumers to perceive you as more of a one-stop service facility. Some suggestions: businesses that specialize in appearance products and services or that install electronic systems, collision shops, parking garages and used car dealers.
MORE STRATEGIES to REMAIN PROFITABLE in an ECONOMIC DOWNTURN Bob O'Connor Motor; Nov 2008; 210, 5; Docstoc pg. 53 Reproduced
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