Sure, research has shown that small business owners and operators are, overall, optimistic about the state of the economy. But that doesn’t mean they shouldn’t be prepared if (or when) rumblings of a recession start again.
In a recent article for Retail TouchPoints, James Chin Moody, Co-founder and CEO of shipping company Sendle, reaffirmed the importance of resilience. In many ways, it’s a muscle that small businesses can work and hone. As a result, they’ll be able to adapt and pivot in light of disruption much faster. Some key tips and ideas Moody shared include:
- Rethink operations: Could a recession impact your vendors and suppliers? How will it impact your customers? Consider buying (and selling) goods that align with the financial state of the times. For example, a lifestyle boutique that sells body and beauty items can start selling refillable containers and bulk soaps that are more cost-efficient.
- Double down on existing customer partnerships: When times get tough, you may feel a panic to acquire new (and more) customers. However, Moody noted that now would be the ideal time to double down on your niche. Don’t try to expand your products and services to cast a wide net; instead, focus on building and nurturing existing relationships.
- Uncover opportunities to innovate: Make the time to think about how the current climate will impact the market one, three, even five years into the future. Are there new ways you can get your products and services to customers?
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