Small business owners are postponing purchases
July 1, 2008 by ShannonCherry
Filed under Business
Has business been slow? Are you finding that people are pulling the trigger as fast as they used to?
You’re not alone.
The latest Wells Fargo/Gallup Small Business index shows that half of 600 owners polled nationwide said they’ve postponed major purchases over the past three months.
In addition, just under half said they’re putting less into savings, while 31 percent have reduced their contributions to a retirement account, the survey found.
About a third said their personal finances were getting worse.
What about you? Are you holding back from spending?
We have actually been spending more and more on things we know or are pretty sure will either bring us more business or at least our own skill set which indirectly will either bring us more work or help us do the work faster. A short list includes;
Sales Training
Video Editing Software
a high end digital MP3 recorder
Photography equipment
Gas for the car to meet clients or to travel to a job
Storage Devices and offsite services(no matter the economy – no matter your insurance a good back up plan is critical)
Spending more to eat out an network with other business people.
Just a short list but each one had paid off and brought a return, yes even in “tough times.”
It does impact my buying decision, but I don’t cut on marketing, because it will slow the business even more.
Business owners who do this will see increase in business because their competitions may cut their marketing and advertising budget.
Low cost marketing could be an alternative during recession.