Lean into authenticity and burnish your business persona to the extent you and your employees feel comfortable.
Rev up your marketing game. If your customers love you, capture their feedback in writing, audio, or video, and add these glowing customer testimonials to your online or social media campaigns. If your business solely serves consumers, consider providing an offering for small businesses or small offices with a similar profile to your existing customers. Expand your market footprint. If you currently serve one city or town, consider expanding to neighboring locales. Since this could make it harder to access the credit many use to make purchases, this tightening could further lessen demand.Ĭonsider exploiting the following options to successfully address softening demand: In addition, some banks are now tightening their lending criteria to reduce their risk exposure. People spent less on eateries and hotels while increasing their spending on essentials such as healthcare, housing, and utilities. Bureau of Economic Analysis, consumer spending increased by 1.1% in the first three months of 2023, down from 2.6% in October through December 2022. Softening demandĬonsumer spending, which represents the majority of U.S. Understanding the sources of the following issues, as well as potential solutions, can help you address challenges in ways that best leverage your company’s resources. Although these financial trends are adversely impacting many small businesses, there is hope. From rising labor and energy costs to softening demand, small and medium-sized business (SMB) owners are dealing with unique challenges on a number of fronts.
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