Episode 103 | How to Prep Your Business for the Recession [4 Must-Dos]

Boss It Podcast

25-10-2022 • 17 mins

How are you going to prevent your business from going under during the recession?

This episode will provide you with 4 tips that you can do today to help you float during the recession and not close your business doors!

  1. Product-Based Business - Look at cost of each product and the cost of goods (COG) to see if you can reduce these costs.  For our service-based business- look at different contracts and see if you can bring a few services in-house that you might be outsourcing currently
  2. If you have a novel service or product, you can consider increasing the price of the product to increase the profit as right now you may have customer tolerance for increased prices due to inflation.
  3. Audit your subscriptions and delete unused subscriptions or downgrade your subscriptions. Do this for your business and personal as well!
  4. Follow the Predo’s Principle! A small amount of your input will result in a larger amount of your output! This means 20% of your products or services will lead to 80% of your profits. Figure out the most profitable products and spend your attention elevating those products and liquidate or stop offering the rest! For more on increasing profits in your business, you can head to episode 85 where we speak about how to create a brand that will lead to longer customer lifetime value https://www.bossitclub.com/85

Remember, take some time to act on one or two of these items! Saving a little money now can prevent huge headaches later!

Follow us on Instagram @bossitclub or head to our website www.bossitclub.com to find more great episodes!

If you want to learn more about our product-based business, you can head over to www.alsosophia.com or follow us on Instagram @Also_Sophia

You Got This!