The Lowdown on #BlackFriday for Entrepreneurs

This Black Friday appears to be spurring the usual mayhem but what’s the real deal on the discounts for entrepreneurs?

This isn’t just a “good” week to be out getting the Christmas gift shopping done early, it’s actually a smart time for savvy entrepreneurs to be hunting for deals for their businesses as well.

However, before you splurge and blow critical working capital ask these four important questions:

1. Do You Need it?

Certainly there will be lots of discounts on all types of nice to have things but do you really need them? The exception here may be if you or your business will need them between now and February; in which case you might want to stock up and take the tax deduction for this year.

2. What’s the ROI?

Everything an entrepreneur acquires for their company should be judged by ROI. This makes sure every dollar is working to its full potential to move the business forward and increase profit margins.

3. Is it Really a Deal?

It shouldn’t come as any surprise that retailers are marking items up only to “discount” them in order to give the impression they are a bargain and a “must-have”. Do your homework.

4. Can You Get a Better Deal Online?

Walmart is already calling this the “best ever” Black Friday for the giant retailer and the lines seem to be as long as ever, but there is no question an increasing number of people are sitting it out to avoid getting mace in the face or being trampled and opting to shop on the web instead on Cyber Monday. After all, with as easy as it is to compare online there should certainly be better deals to be found there.

Of course no entrepreneur should forget to get out and support Small Business Saturday too and for many it could be a great opportunity to network and forge new strategic partnerships with other local business owners.

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