Many small businesses experience difficult periods where they need to generate additional sales in the short term, and many small businesses believe discounting their stock is the best way to move it.

But if you’re going through a rough patch, consider the alternatives before resorting to discounting.

Discounting is a very costly form of promotion and comes straight off the bottom line of your business. And, there are no long-term benefits.

Instead consider adding a free product or service, free consultations or vouchers to the sale. This way you are introducing the customer to something they may not have tried before and, if they like it, they may buy it from you in the future.

Ideally your business wants a reputation for having much more going for it than just being a discount barn.

Sit down and think laterally before merely discounting your sale price. Working together with other businesses, for instance, can be beneficial for both parties, especially if they want an inroad into your customer base and will sponsor giveaways. For example, a movie theatre wanting to increase its numbers might give you free tickets to hand out as part of your sales promotions.

Perhaps you can do a deal with other businesses if you operate in a shopping centre. For example, if a customer buys a particular product from you, they will be eligible to receive another product from a different business within the complex. When your customer goes to collect their product they might purchase something else as well. Obviously these deals need to work for both parties and in this case, you would want the other businesses to reciprocate with their customers to your business.

Giving people an incentive to buy doesn’t always mean having to drop the price. People do have other reasons to buy from you. Think carefully about all your options and talk to other businesses about deals in which you can both win. Successful business owners need to consider the long-term benefits for any short-term solutions.