The Resilient Retail Blog

How can the small business community weather the latest ‘cost of living crisis’ storm?

If you’re a small business owner – the cost of living crisis is already having an impact and with news that energy prices are set to rise further it a very discombobulating time.

Seven in 10 small business owners have said soaring costs was their single biggest challenge in 2022, according to a report by small business insurer Simply Business shows – I want to do everything I can to support the small business community.

So how can small product business owners weather this latest storm?

A positive mindset

Although it can be hard to stay motivated right now, there’s lots you can do to support yourself.

1 – Take a break. If you feel like you’ve been flogging a dead horse and are totally burnt out, step away even for a day if you can. Nothing will give you renewed focus and vigour like a bit of space, rest and perspective. If you’ve been looking for permission to take a break, here it is!

2 – No comparing. Comparison is the thief of joy and if you find yourself getting upset or demotivated by seeing other people’s posts, feel free to mute them! *whispers* even (or especially) if they are your friends and you feel bad that they make you feel bad! Keep your eyes on your own paper. Social media is such a tiny snapshot of what is really going on.

3 – Focus on what you can control – with all the uncertainty in the world, it can feel overwhelming and hopeless. Keep your attention firmly on what you can change in your business rather than getting stuck in what you can’t control.

Stay Focused

It’s really tough out so if you’re feeling demoralised then you’re not alone – but remember why you started your business, what you are building and don’t lose faith.

– Keep focusing on your customer and what they need from you.

– Keep looking at your numbers and understanding where your sales are coming from so you can concentrate on what will actually move the needle.

– Keep focusing on what you can control in your business instead of letting yourself get sucked into everything that you can’t control.

You didn’t come this far to only come this far.

Repeat, then repeat and then repeat again

Don’t be afraid to repeat yourself. If you are launching new products, you may find yourself having to repeat yourself more than ever before. The customer has less money to spend and they want to be wooed!

Don’t be afraid to repeat yourself. Don’t be afraid to repeat yourself. Don’t be afraid to repeat yourself.

3 Key areas to prioritise

1 – Profit

Turnover is vanity, profit is sanity. Make sure you are growing your bottom line and not becoming a “busy fool” with topline growth but less money in the bank.

2 – Conversion

This is an over-simplification of an indepth subject, but basically, if you can persuade more of the people who are already coming to your business to buy, you can grow your sales with no additional marketing spend or effort. Keeping an eye on your conversion is critical otherwise it’s like pouring water into a leaky bucket.

3 – Loyal customers

Believe it or not, the purpose of your business is not to get sales. It’s to acquire loyal cusomers, who will support you again and again.

I’ve said it before and I’ll say it again – I love this industry because small product business owners never fail to show me how resilient, creative and agile they can be and despite the gloomy predictions for the economy this community’s positive attitude is infectious!

Latest articles

Starting a small business from home Top tips from Catherine Erdly
Meet our Member of the Month sewing superstar Lorna Hulme, founder of small business All About The Sew
The full lowdown on Bibblyboo - our September member of the month business
3 easy tips for nailing your small business' stock levels for Christmas 2022

Related articles

Starting a small business from home Top tips from Catherine Erdly
How To Start A Business After Being On Furlough
7 Ways To Boost Your Confidence When Starting A Business
How to start a business when you don't have any money
Get more on the mailing list

Heaps of small business retail advice for your inbox

Sign up the The Resilient Retail Club mailing list for totally free advice and business help, the occasional digital download, updates from our podcast and promotions for indie retail brands

Share this article
More from the blog

Dive into helpful advice for small businesses and indie retail brands

Starting a small business from home Top tips from Catherine Erdly
Meet our Member of the Month sewing superstar Lorna Hulme, founder of small business All About The Sew
The full lowdown on Bibblyboo - our September member of the month business
3 easy tips for nailing your small business' stock levels for Christmas 2022
Running a business that helps protect the planet - member of the month Natasha Ray, Founder of &Keep tells all
Do you need a creative VA in your life and business? Our fabulous July member of the month tells all.

News you can use

Join The Resilient Retail Club mailing list to receive The Weekly Sales Review, jam-packed full of useful information, events and expert advice for indie retailers, online sellers, Ecommerce brands and independent small businesses