Combat the Decline in Your Earnings

Start-ups and experienced businesses alike suffered a decline in earnings in the first quarter of the year.

According to a study by International Communications Research (ICR), 42% of small businesses saw a decline compared to only 23% for the same period last year.

It appears that the smaller the business, the harder it was hit, with the greatest impact falling on those businesses with less than 20 employees.

So how does one counter this decline and start pulling in more revenue? ICR suggests investing tax relief money into the business. You could start targeting rich people like Doug points out.

I think that if you use common sense business tactics like I often write about, whether it is as simple as keeping reasonable business hours, paying more attention to selling online, finding a larger variety of ways to market online and off, or finding the right location for your brick and mortar store, you will have greater success now matter what the current economic climate is.

The moral of this story is to always evaluate the state of your business and constantly seek improvement in all aspects of it.

If you own one of the small businesses that saw a decline in earnings, how do you intend to reverse that? Please share your ideas in the comments. Anonymity is fine.