As it becomes inevitable that we are heading towards a recession, if not already there, many worries are bound to flood in. Do I have enough money? Will I need more? Now can be a stressful time, especially for those entrepreneurs who are just starting out and trying to make ends meet. Now is the time when there’s less consumer shopping and everyone is hunting for those bargains. If your consumers don’t find your product to be vital, they may stop using it. As an entrepreneur, you’re probably well used to being creative and taking risks so now is the time to put those skills to use. Remain strategic in your thinking. Entrepreneurs have a knack for being resilient. Make use of this time and use it as an opportunity to further learn and grow mind. Look for cracks in your system and come up with ideas to strengthen them. Look for ways you can reduce costs but still maintain the value your company holds. Consider temporarily lowering your prices as well. Compare your prices with others in the same industry and go a little lower than your competitors. Lowering your prices is appealing to consumers during a recession. It can even lead to stronger relations between your consumers and yourself, may even gain you some new ones. While this does mean less profits coming into the company just remember that this is only short term.



Article by
Ava Collins
Content Writer and Researcher

Student award winner Ava Collins