Is Your Business Recession Ready? | Episode 78Jul 13, 2022
In today’s episode, I’m talking about things you can do to make your subscription box business recession ready.
While it’s not possible to “recession-proof” your business, it is possible to be recession ready. Now is not a time to panic. If we made it through a pandemic, we can make it through economic uncertainty. There are practical, actionable steps you can take to make managing this time less stressful. I walk you through seven of them in today’s episode.
- Get control of your inventory. It’s time to change your buying habits away from the panic buying we all practiced during the pandemic. I shifted my own buying behavior away from buying deep (fewer products in greater quantities) to buying wide (more products in lower quantities).
- Understand your cash flow. In order to build a long-term, sustainable business, you have to know and understand your numbers. Decreasing your inventory will increase your cash flow, but you still need to have products to sell. Understanding your rate of revenue vs. your rate of expenses allows you to make adjustments where necessary.
- Trim your expenses. Dig into your P&L to identify your biggest expenses and any you don’t realize you’re even paying for. Look for areas where you can trim costs.
- Packaging & shipping
- Opportunities to buy in bulk
- Try a new platform.
- Use email and SMS marketing to get in their text messages and inboxes.
- Experiment with your posts/videos to make things new, fresh, and fun!
- Get my resource “10 Ways to Surprise & Delight Your Subscribers” by texting SURPRISE to 940-204-0023.
Don’t be afraid to serve and to sell during these uncertain economic times. Realize people want to buy what you have to offer. Now is the time to gain a deeper understanding of the financials of your business and make educated decisions.
Join me for this episode as I talk about seven things you can start doing now to get your business recession ready. This is an episode to listen to with your notebook close by. You’re going to want to take a lot of notes!
- 10 Ways to Surprise & Delight Your Subscribers - Text SURPRISE to 940-204-0023
Join me in all the places:
JOIN SARAH'S NEWSLETTER
Learn more about how to start and grow your own subscription box business! Subscribe to get our latest content by email.