A survey released last week found that almost all Americans have curtailed their spending somewhat due to concerns about inflation. There is not a whole lot that is surprising here around it happening, but just how universal it is should serve as reason to pause and think. And this can especially be true for small businesses.
If you are someone who sells goods, you probably are only too aware of this already. The survey founds that 92% of Americans are pulling back spending, which is such a large number it is going to affect everyone. It also may prove rather impossible to try to market and sell to only that remaining 8% who are unfazed. And at that point you probably feel the tightening yourself, have cut back your own spending, and are continuing the cycle.
And this may not be a bad strategy. In a time when people aren’t trying new things and are holding back on getting the same amount of the old things, putting efforts into what you know best could keep those who love it most around. So even if that is all you have, a little extra appreciation and a higher touch of customer service could be well used in such times.
By doing that, you also will be keeping better tabs on where people are in their current economy. Again, the overwhelming majority are holding back, but not everyone is. So if you can find that customer or two who is ready for more, that can feel like it goes further when new business is so scarce.
When such things do feel scarce, though, they can come with a bonus, too, in the form of time. On the one hand, this can feel challenging because you don’t seem to have as much to do, but you can then fill it with things that will be good for your business.
I am sure that at some point in your business’s life you had ideas of things you would like to do but never had the time to do it – well, maybe now you do. And of course, such times may not be the most opportune to invest a lot in something new, but it can be the perfect time to set yourself up to be ready to do it when things start to feel more secure.
Overall, this comes around to the idea of don’t stop moving. Even if this is not a time of a great growth, it is a time that can help you hold onto the customers you do have and be ready to move into new (and hopefully greater) areas when the time is right.
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