
How to Navigate Businesses in Economic Uncertainties
March 6, 2024 9:00 amThe global economy will remain uncertain as we continue through 2024. For instance, the International Monetary Fund predicts a slight decline in global growth from 3% to 2.9%. While inflation rates are declining, they are set to stay at the 2% target. This could cause a lot of problems for businesses, and ones that are just starting.
Don’t panic! There are several ways to prepare for economic uncertainties in this climate
Embrace Technology
Technology advancements like AI are taking the world by storm. This dynamic marketing tool can help you create an engaging marketing strategy that will help you stand out. Implementing tools to help with search engine strategies or adding Chatbots to communicate with customers are just a couple of ways that AI is helping small business companies with laborious work.
On the other hand, AI removes the human touch of certain practices. While productivity is heightened, customers may dislike the use of technology to get the work done. It can be beneficial to balance the two, using AI in some instances and not in others. Don’t try to avoid AI, because it’s here to stay.
If you’re curious about the role of AI in marketing your business, attend our workshop, “AI Essentials for Small Businesses,” hosted by Pamela Pearson and Gail Zona on March 12.
Understand How Inflation Will Affect You
Inflation has brought rising costs, product shortages, and some businesses to shut down. To help combat this hit on small businesses, the IRS created The Inflation Reduction Act in 2022, allowing businesses to write off about $1,220,000 in qualified asset additions in their first year.
Persistent inflation may come to a head in 2024, however, 75% of small business owners feel optimistic about their financial trajectory in 2024. To get ahead of upcoming issues regarding inflation, it’s important to keep talented employees and maintain your current prices. This way, you won’t lose valuable employees and customers for your business.
Keep the Focus on the Customers
You know the saying “The customer’s always right.” Well in this climate, they are. Amidst the complexity of the economy, it’s important to assure your customers you’re there for them. You need them now more than ever. While other businesses might be skyrocketing prices to aid their issues with inflation, try to find ways around that option.
You can reach out to your customers about what new services or goods they are looking for. This way, you’re exactly meeting their needs.
Stay Flexible
Your small business may have specific goals and visions for its future. Still, in this current climate, it’s normal for things to shift around. We recommend keeping your options and ideas open-minded, with a willingness to compromise. This will help boost morale amongst your employees while also showing customers that you care.
While it may feel alarming for your business to face economic uncertainty, it’s important to note that there are ways to combat it. Reach out to us with any lingering questions you have regarding how to make sure you’re set with your business.
Categorised in: Business Strategy, Economic Developement, Small Business, Workshops