This seems to be on the minds of everyone I talk to and mine as well! There are some things we can all do. Here are six things you can look at when it comes to your plan of action.
- Adaptability – this has to the be word of the decade and it goes hand in hand with my favorite topic, Change. “Change is the only constant in life”. So it goes without saying that we need to be able to change or pivot in order to survive. But the key is to do it before it’s too late. You also need to be willing to try new things with the understanding they may not work but that’s okay, try something else. You can’t let your pride or tradition stand in the way of your survival.
- Market trends – pay attention to what’s going on in your business sector. Change is happening in all sectors. Buying habits have shifted, do you have a grasp on these trends?
- Cut unnecessary costs – expenses and cash flow, this is something will probably last several years. Look for additional revenue streams you can add, maybe new services but do this based on your industry trends. What are your customers needing right now? Don’t stop marketing! If anything, this is the time to put more emphasis on marketing. Keep at least 6 months of expenses in reserves.
- Know your P&L – understand your profit margins, know what makes you money and what doesn’t then evaluate what doesn’t and maybe it’s time to make some adjustments. Look at subjective costs maybe there are segments of your business that are time intensive without a return…you need to know and deal with it head on.
- Flexible workforce – can you use freelancers or independent contractors? Everyone doesn’t have to be an employee after all, this is the most expensive expense all businesses have, payroll.
- Invest in you, your team and your business – A great time to train and practice, to improve, get better at what you offer. Personal development is key to individual success and individuals that succeed create a team that succeeds. It is common knowledge that businesses that invest in themselves and continue marketing survive recessions and come back stronger and bounce back faster.
The Chamber is here to help support the growth of your business.