Over the next few months, you will hear a lot of back-and-forth about whether the United States economy is in a recession, or heading to a recession.
There are definitions of the word “recession”, but they have to do with numbers and statistics that can be displayed to prove just about anything.
Fair to say, however, that the economy is not good right now for anyone involved in commerce. Prices are too high and wages are stagnant, creating a world where people cannot afford to make purchases as enthusiastically as they did in months or years prior.
Keep in mind, we are less than two years removed from a time when people did not make purchases out of fear of human contact. We have been on a rollercoaster of economic emotion for the entirety of our current decade.
Now, we are talking about a recession.
Small business owners had to do everything they could to weather the pandemic storm of reduced income and profit. Now, they must do battle against the reality that everything costs too much for people who are not making any more money than they did before.
The economy will bounce back. But, it is best for small business owners to do what they can to make the following months of recessionary spending as painless as possible.
Prioritize Your Expenses
Small business owners had to do everything they could to weather the pandemic storm of reduced income and profit. Now, they must do battle against the reality that everything costs too much for people who are not making any more money than they did before.
The economy will bounce back. But, it is best for small business owners to do what they can to make the following months of recessionary spending as painless as possible.
Making Hard Choices
There are ways to avoid actual firings. You can cut salaries across the board, or you can cut hours (thereby cutting salaries).
The last thing you want to do is put someone out of a job. You have likely been working with a dedicated staff working as hard as possible without any excess in that area.
If you believe you may have to cut staff if the economy worsens, you need to let your employees know that possibility exists. Someone may have been considering a change of employment already, and can make the hard decision for you.
Marketing is Vital
CSD Marketing is a firm that teaches small businesses how to best market themselves. We encourage all forms of marketing at your disposal.
In a recession, you may need to cut back on any marketing tools which actually cost you money. The beauty of the internet, however, is that many marketing tools are free of charge or relatively low cost. Look at your marketing budget and see where you are spending money and find a way to perform the same task at low or no cost. Discuss those options with us; we know our way around the marketing possibilities of social media, email and texting.
Contact Us
At CSD Marketing, we are small business owners ourselves. The struggles you are going through related to inflation and concern over a recession are identical to our own concerns.But, while you are working on your products and services in this time of difficulty, we are working on helping small businesses survive. We know what you are going through, and can address your issues in a direct and specific manner to assist you in this time of need without breaking the bank.
CSD Circle, a learning network, coaching group and technology tools to help you manage your business through the next storm, or contact us about working together through 2022 and beyond.
