Everywhere you turn we're hearing about labor shortages, supply chain issues and the fear of an upcoming recession. Many new businesses were started to survive the pandemic and now are in fear of closing due to decrease in sales and lack of shopping demands.
Have no fear! Mango is here...with help to recession proof your business. Here are five ways to grow, plant and recession proof your business.
Cut your costs This isn't as simple as someone would think. The first step is figuring out your priority items. These are the items that the business can not function without having. Once you've establish this, look at what you can eliminate or source elsewhere. Cut your cost does not always mean eliminate. It means price shop. Quick reminder: you can still price shop for your priority items as well. For instance, maybe you always send thank you cards with every purchase. Cut cost on printing by shopping nline to find your best deals, buy in bulk and look for online coupons at places like retailmenot.com or joinhoney.com Sometimes the cheapest item doesn't always benefit your business. Knowing when to flex up or down on your budget needs is important.
Plan in advance (with a budget) Plan your marketing, your ad spends, your content and your budget 3 months in advance. This will help streamline any last minute cost, help create intention and focus on putting out fires before they happen. Planning your business in quarters lets you compare data, last year sales and other additional tools that aid to Return On Investment (ROI).
Change your dialogue. During a recession our 'wants' go out the door. Needs are the focus. How can your product become a need for consumers? Change your dialogue from wants to needs. Do you sell a lipstick? If you are a beauty brand, reminding consumers that lipstick can build confidence and help land the job (via virtual or in-person).
Focus on education This overlaps a little bit into number 3. Education offers valuable decision-making and offers empowerment for the customer to choose the best fit for them. Education can also be used to create marketing content, with a strong call-to-action, on your emails, newsletters, social media posts and websites.
Find grants and additional profits now This is a great time to speak to a financial advisor to plan. They often know about additional small business grants, loans and ways to add profit to your business. Gaining additional capital now helps prevent the storm or at least gives you the umbrella to stay dry. We were always told save for a rainy season, not a rainy day.
And a little extra tip for our favorite mangoes: Find ways to create passive income now. This could be an online shop on other platforms (such as Etsy), downloadable guides, templates, wholesale retail suppliers and more.
Remember that every industry has ebbs and flows. Save for a rainy season!
Thanks for reading, Mangoes. Don't get scared, get proactive. If you are looking for marketing needs, additional strategies or just overall support, we're always available via email. But, don't forget to get social with us on all platforms.