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How can the small business community weather the latest ‘cost of living crisis’ storm?
The Resilient Retail Club - Small Business Experts How can the small business community weather the latest cost of living crisis’ storm?

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

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

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!

 

If you liked this podcast have a listen of my podcast episode ‘Building Your Small Business On A Budget With Laura Schofield of Otto + Ivy’.

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