A recession can be a scary time for business owners. The fear of losing money or going out of business can be paralyzing. But with the right strategies, small business owners can mitigate the risk and stay afloat during these challenging times.
Let’s discover how, together, right after this.
In this video, we will discuss three ways small business owners can survive and even thrive during a recession.
In my 16 years of working with the owners of local, small businesses, we have survived two recessions and a worldwide pandemic during which our clients have thrived. Oh, and by the way, my name is Doug Barra, and I am honored to be with you today. As the owner of a small, local business. I admire you, and I believe you don’t get the credit you deserve for the courage you have to show every day, even when things are good. And when everyone says a recession is coming, it’s easy to get scared.
One thing I want you to know is that the economy has seasons, just like there are seasons in a year. There is a spring when everything is blooming, businesses are thriving, and the economy is growing. And then there are seasons like fall and winter where things slow down, but that doesn’t mean they won’t come back.
So let’s dive into our three tips for small business owners to mitigate risk during a recession:
First, diversify your marketing tactics. Don’t just rely on one form of advertising or one method of getting new customers. Instead, diversify by using social media, networking events, partnerships with other small businesses for joint promotions, and even traditional forms like print ads or direct mailings.
You will spread out the risk if one avenue isn’t as successful during a recession by having multiple routes to reach potential customers.
Second, focus on verticals or industries that a recession may not affect as much. This could include industries such as healthcare, education, and essential services.
And finally, be willing to pivot your small business when necessary. Maybe during a recession, there is less demand for one of your products or services, but that doesn’t mean you can’t offer something else people need during this time. Be open-minded and adaptable to changes in the market so that you can continue serving your customers and staying successful during a recession. Small business owners have many tools to mitigate risk during tough economic times like recessions.
And now that we know what they are, diversifying marketing tactics, focusing on industries not affected by the recession, and being ready to pivot – we can confidently navigate any economic season together.
Thanks for joining me on this journey, small business owners.
I know you’ve got this!
Did these tips help?
How do you plan to mitigate risk during a recession for your small business?
Let us know in the comments below!
Would you like to learn more about mitigating risk in your business or other topics regarding business success?
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And last, click the link in the description to register for the next live web class we hold on Thursdays and unearth the secrets to scaling your business!
This is a tremendous opportunity to go even deeper into these ideas!
I’m Doug Barra, and I’m passionate about small businesses succeeding. Thank you for watching.
I’ll see you in our next video.