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If your business is one that requires inventory, you almost certainly have dollars trapped in part numbers that are not moving. During slow times, get in there and figure out what's not selling. Then hold a sale, run some specials or do whatever you can to release that much-needed cash. You know? You paid for it a long time ago. If it's not going to sell anytime soon at regular prices, so why not take 25 or 50 cents on the dollar today?
This article originally appeared in The Business Owner Journal, the periodical of choice for owners of small and midsize private businesses. All rights reserved, D.L. Perkins LLC. © 2010.
This publication is intended to provide general information on the subject matters covered. It is sold and distributed with the understanding that neither the publisher nor any distributor or advertiser is engaged in providing legal, tax, insurance, investment or other professional advice. The advice of a qualified professional should be sought before any reader applies a concept presented herein to his or her particular situation or business.
D.L. Perkins, LLC is solely responsible for this content.
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