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Economic Uncertainty: How to Run Your Business
Let’s start by saying if we can do it — you can do it.
When the economy is uncertain, it’s best to deploy a little strategy and preparation. Make sure your business is ready to thrive, no matter the forecast, with these easy-to-implement tips:
Focus on Customers
Focus on creating a service or product that truly adds value for your customers. A lot of times during a downturn, your customers will rely on you even more. Brainstorm on how you can give them the care they need, and if you’re not sure what they need — ask them. During the pandemic, many businesses took to social media to ask their followers what they’d like help with.
Negotiate with Suppliers
Keeping strong relationships with vendors and suppliers is pertinent during a downturn. Reach out and connect with them to explore cost-saving opportunities. You can negotiate for bulk discounts, better terms and payment plans that benefit both parties.
Evaluate Debt
Now is the perfect time to review your debt-to-income ratio and find out how much income is allocated toward debt. If the number is high, it might mean you’re spending more than you can afford. Consider ways to lower or eliminate your debts — options can include refinancing or consolidating high-interest loans to a lower-rate loan.
Automate
Hiring plans might change or freeze during uncertainty, but that doesn’t mean you can’t grow. Automation can help fill these gaps, especially if you have a small business and don’t have the same resources as larger companies.
Work Together
Lean into relationships with business partners and support them too. During the pandemic many businesses partnered with others for promotion purposes and to give customers an incentive to purchase. For example: an interior design company partnered with a florist to offer a beautiful flower delivery for signing up as their client.
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