During times of economic crisis, it’s a given that many of your customers will be spending less. This will likely affect your business strategy and it’s important to be nimble right now. While you don’t necessarily need to abandon your long-term goals, you probably need to reassess your priorities in preparation for slower consumer spending. Here are some ideas on how you, as a small business owner, can pivot your business strategy in this current climate.
- Improve your operational efficiency. Eliminate anything that doesn’t add value to your customers. Reassess outdated procedures and look for ways to streamline workflows to maximize your employees’ time and talent.
- Consider new revenue streams and diversify your offerings. Brainstorm with your key employees on new ideas at a variety of price points. This presents an opportunity to cross-sell products that may better align with your customers’ budget right now.
- Shift your messaging to emphasize the value of your product or services. Most consumers will also be mindful of the best “deal” out there, so it’s important to make sure you are positioning your business as such.
- Review your stock of inventory. It might be prudent to receive more frequent shipments with less inventory in each shipment. If you have stagnant inventory, liquidate that and move on.
- Connect with your peers and bounce ideas around. Reach out to fellow small business owners in your community or within your industry to gauge sentiment and discuss best practices. Join groups on social media. Stay in touch with mentors and anyone whose business philosophy you admire – observe their actions and ask their advice.
Live Oak is here to serve all of our incredible, resilient small business customers–we’re here with you for the long-haul.