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Business strategy
How should smaller businesses react to high cost of production.
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[QUOTE="Axis, post: 339138, member: 66672"] Increase cost of production or high cost of production is usually brought about in an economy as a result of economic instability, increase cost of production simply refers to the fact that the sacrifices that existing businesses will have to make to make sure that goods and services are ready for sale will be in an increase rate thereby making them to spend more money to have inventories for marketing. Small scale businesses have suffered a lot from increased or high cost of production and most of the times small scale businesses go bankrupt or even run out of business goods and services. In order to survive as a small scale business owner during times of increased cost of production, possible strategies and ways to follow is by increasing the prices of your goods and services, another way to react to this economic instability is by engaging in other methods of reaching customers and clients such as online marketing and social media marketing, in this way you make more sales than your competitors. [/QUOTE]
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