Business Running For Dummies

Posted on Tuesday 21 October 2008

I saw this comment today in a news feed and the subsequent BusinessWeek Online article I read:

“Small retailers can bolster sales by targeting wealthier shoppers who are less price-sensitive and may pay premiums for better service…”*

In addition to targeting people with more money (as opposed to those bums you usually do business with), I’d like to offer some additional pearls of wisdom:

1) Make More Money Than You Spend: Businesses often fail because their costs outweigh their income.

2) Sell Stuff For As Much As You Can Get For It: Be careful though. If you price items too high, people may not buy.

3) Keep Your Friends Close And Your Enemas Closer: Wait. That doesn’t sound quite right. But, I guess it still applies. Certainly, my friends don’t want to get in between me and my enemas.

*Incidentally, though the article offered advice for small retail businesses on how to survive this year’s expected down holiday shopping season, it did not provide recommendations on how to find these wealthier shoppers (who they should suddenly target) or give examples of better service items they could offer. Come on, BusinessWeek, you can do much better than to be so generic.

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