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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
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