Advice for your Bridal Business on How to Survive a Recession
Is anyone else feeling uncertain about business right now? Fearful of making moves, not wanting to rock the boat too much, hate hearing talk about the recession?
We’ve got five takeaways for you today to help navigate the economic times that we're in.
We know it feels uncertain. We know it brings change and uncertainty to the forefront of your business. Learning how to navigate in uncertain times is something unfortunately we're familiar with because of the last few years, but it doesn't necessarily make it any easier.
We have five tips, a lot of which you've heard before, as a reminder when you're feeling stuck, paralyzed, uncertain, unsure, so that you can stay focused and get to the other side. Let's dive in.
Lean & Mean
It's okay to let things fall away right now. It could be designers, retailers, revenue streams,
categories of business, advertising streams, and even employees.
Rather than feeling like you have to immediately replace what you may be losing, just get lean & mean with your business.
Acceptance
When we go through times of uncertainty, it's almost as if we're grieving what we had experienced before. We are grieving when it was easy to grow a business on Instagram, when it was easy to go viral on TikTok, or when it was easy to drive traffic into your doors. We almost have to grieve the death of what was.
The quicker you fly through the stages of grief and just accept your realities as they are, the sooner you will be able to move forward in a clear, non-emotional way. You need to get yourself to a headspace where you can make the best long-term decisions for your business, rather than trying to constantly face what’s right in front of you.
Pivot your business to what the economy, what the customer, what your employees, and what the business needs in 2023.
Focus on your Customer
Let your customer be the guiding force. We've said this before, you don't ever work for yourself as a
business owner, you always work for your customer. It's about accepting your customer and all the
changes that come with them.
They're experiencing fear & uncertainty, in very different ways than you are because they're a consumer, not a business owner. The sooner you can accept the customer for who they are & their current needs, you will be able to make adjustments in your business and start to serve your customer and sell to them in the way that works best for them.
Streamline
How can you automate more of your business to have to staff it less? The business owners that are making more money with less resources are the ones that are thriving in this crazy environment.
The more you can hack the systems in your business, and streamline, the more money you are going to make.
Marketing
It's been proven throughout history that companies who have invested in marketing during recessions are the ones that have more market share on the other side.
If you are looking at managing expenses during a recession, marketing is an area that you want to maintain for long term growth.
This was the short & sweet version, itching for a deeper dive into this topic? Head over and listen to this Podcast.