Are economic changes a threat to your business?

Challenges will always be present while managing a business. Some challenges may be out of your control even when you feel prepared. Recessions, pandemics, inflations, etc. can negatively threaten profit and growth levels for your business and create a stressful quarter or year of operation. Thankfully, there are strategies to take advantage of early so that you are prepared for economic changes. Industries, such as boutiques/consignment shops, cleaning companies, retail trades, and event planners, will still remain profitable during a recession with the right strategies in place.

Strategies to overcome threats:

➢ Identify your best selling product/service and focus on making it more available and

easier to access. For example, boutiques/consignment shops will receive more items as

consumer want to trade in physical possessions for cash. Focus on receiving more

jewelry, name brand clothing, and purses in so that you can resale them for a competitive

price in preparation for the holiday season.

➢ Offer packages for your product/service with recurring payments to retain current

customers and make it simple for new customers to sign up. For example, cleaning

companies will benefit by offering customers and businesses a package that includes

cleaning, sanitization and environmentally safe chemicals on a monthly basis when

automatic payments are set up. This is beneficial when sickness is spreading rapidly

during seasons.

➢ Be consistent with your marketing to stay relevant and maintain a competitive advantage.

This should include your regular email list, social media ads, and video/commercials. For

example, community events and corporations still depend on event planners for social

gatherings offering access to local products, freebies and samples to keep the economy

afloat. Having a strong marketing strategy will keep reliable contact and branding

relevant for future events.

Economic threats do not have to prevent your business from growing as long as the right strategies are in place. To learn more information about economic strategies, schedule a consultation at www.mcmsrvcs.com