Join us as seller How To Prepare Your Business For A Recession - Grind Pretty
0

Your Cart is Empty

June 28, 2022 2 min read

We saw a tweet and couldn’t help but to think as a business owner, there are steps you should be taking NOW to protect your coins at all cost. The reality is, recessions are unavoidable yet common business cycles. Although the nation has not declared this is our current economic state, banks and economists are predicting the U.S. is heading down a slippery slope. If you haven’t noticed, inflation is at an all time high. The average gas price in the states have lodged above $4.40, including Georgia, California and New Jersey. Meaning citizens will begin to spend less money in fear of financial instability. The important thing as a business owner is to be prepared during economic uncertainty.

Here’s how:

1. Stay in good graces at work. If you're like many other modern entrepreneurs, you’re still employed at your 9 to 5. In this case, job stability will work in your favor. Now is NOT a good time to listen to Beyonce and quit your day job. Be thankful for your extra income, and spend your money wisely!

2. Avoid financial risk and investments. Anything that could negatively affect your company or assets should be avoided. Develop quality control tests, buy insurance, limit loans, and set aside revenue for overhead cost and operational needs if business were to slow down.

3. Figure out a need your business can provide during a recession. If our country goes into a recession this does not mean your business won’t/can’t flourish. Is there a product/service you may already or don’t already provide that can be seen as essential during an economic crisis? For example, if you're a clothing business people will always buy essential wardrobe pieces. Or if you're a business coach, you can focus your attention on advising financial services. At the end of the day, customers can be impulsive buyers. Your marketing strategies should provide an emotional appeal to your audience.

4. Prioritize debt repayment. If you have taken out loans on behalf of your business, tackle accounts with high interest rates first. By doing so, you'll save more in the long run by reducing the total interest you pay.

5. Offer discounts and savings. There’s nothing more that customers appreciate than a price cut. Discounts attract new and returning people to your business. It’s also an effective strategy to bring in short-term revenue and profits when business may become slow.

 Written by Taylar Broadnax Instagram: @taylar.chanell

Want to be featured or contribute? Click this link to learn how. Join us 



Also in News

Ruth Carter: Designed With Purpose
Ruth Carter: Designed With Purpose

November 24, 2022 9 min read

Where do I even begin to describe the genius and creativity of Academy Award winning costume designer Ruth Carter! Every time I have painted her face, just being in her presence inspires me. Witnessing the wonderful work she’s done from numerous Spike Lee films, Amistad, and of course her amazing work in Black Panther movies to visual art just laying around her home. Hearing Ruth’s story was so inspiring. Hearing about her upbringing, an HBCU graduate, and how she navigated through her career. More importantly, how she knew that she was destined for greatness. How she manifested that through amazing storytelling and creativity. She’s paved a way for many others to follow and has set the bar high! There are so many things to admire and I’m truly honored to share this interview!
Grind Pretty Holiday Gift Guide
Grind Pretty Holiday Gift Guide

November 18, 2022 3 min read

This season our team hand selected some of the best gifts to give this season to your loved ones. Each of the selected gifts are from women of color owned business!
Milan Harris Marks her 10-Year Fashion Empire Anniversary
Milan Harris Marks her 10-Year Fashion Empire Anniversary

November 14, 2022 2 min read

What started as two t-shirts has turned into one of the fastest growing lifestyle brands appeasing to women, men, and kids. Founder, Milan Harris, is a popular Philly native through and through turning her dreams into reality. This year marked Milano’s 10-year business anniversary,and Grind Pretty was just as elated to help celebrate such a huge accomplishment 

Sign up for our Newsletter