How Your Company Can Survive an Economic Downturn
I don’t want to be the one to say it… BUT… we’re heading into a recession. It’s on the horizon, it really is! You can already feel it forming in the marketplace; the purchasing power has gone down, prices (for almost everything) have shot up and business seems to be going sideways.
It’s not ideal, it’s not perfect but these are the cards we have been dealt with. And we’ll now just have to go through a time of profound change and innovation.
And there is something reassuring about that. In fact, some of the best ideas come from below when everything seems to be falling apart around you.
The only way is up, my friend — but it’s going to be a long climb. So, before you run out, I want to equip you with the information so you (and your company) can make it to the other side.
Innovate New Ways of Doing Things
You probably have your own way of doing things… but the old way of doing things won’t work anymore. That’s why you’ll have to be even more creative from now on.
Think about who your customers are and what makes them turn to you for ‘’help’’. Then, think about how you can help them better than ever before.
Can you cut prices for items closer to the level of their cost? The lower the prices drop, the more people email, call or turn up!
Next, can you make the shopping experience more satisfying for the customer? There’s more than one way to do it, you can do it through making product demonstrations, giving out samples, or just greeting customers with a smile when they come to your shop.
How about this one: you take feedback from your customers and make your product better — superior design, easier to use, and more effective!
Tweak Your Operations
The beauty of running a business these days is that you can run it from an iPhone on a beach. Now, I don’t want to make it sounds better than it is… but… if you set it up right, you can!
Of course, there are great benefits to that. You get to choose when you work and where you work. Plus, it’s way cheaper to maintain an online-only business than, say, a physical shop.
It is not to say that there is something wrong with a physical business model. There are lots of different views on it, but personally, I think there’s a benefit to having one.
Take speed, for example. You can get the product in your customer’s hands much quicker.
But it goes beyond just that! People can try on, touch, and view your products! So far, however, the internet can’t offer such an experience.
So, here’s where I’m going with this: to survive an economic downturn, you can scale up or down and tweak your business as you go.
Work Longer, Harder, and Care for Your Customers (& Employees)
If you thought you could get away with by sitting on a couch all day… then… you’re in for a BIG surprise! To hold up against tough economic times, you’ll need to be willing to work longer hours and longer days.
A strong work ethic will serve you well for the next few years.
But, there is something else, even more important… and that is… how you care about your people — your employees and customers — the ones who keep the lights on and make your business run.
They are right by your side daily through ups and downs, the good and the bad and they always come back. So, you have to be out there with your own people, care for them and support them!
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