What’s the solution?

#1 If you’re running out of money, do this:

Re-evaluate your business plan. If you haven’t made one, do it. Identify your best customers and find more like them. Take control of your expenses and overhead. Keep your eye on key metrics like profitability, cash flow and marketing ROI

#2 If your struggling to hire and retain good talent, do this:

It’s so hard to find people who will show up to work, who business owners can afford, and who can learn and do the job well. To overcome this, you’ve got to offer competitive compensation and strongly consider hiring and growing your own talent. I.e. training workers instead of hiring pre-qualified, skilled employees.

#3 If your customers are unable to afford your products, do this:

Problems that come from the economy outside of your customers’ control affect their ability to buy goods and services from you. For example, when mortgage rates are high, they can’t afford to buy a house, and when credit card debt is racked up, they can’t make impulsive buys. Here’s three things you can do to help the situation:

1. Look for financing options for bigger purchases. Break up the cost for them.
2. Lower your costs.
3. Focus on your consumers’ needs.
4. Position your products as ways to meet customers’ needs. Can your products be their “essentials”?

#4 If your customers are hesitant to buy from you, do this:

If the economy or inflation causes cash flow at the community level to become slow, people become discouraged. This leads to their unwillingness to buy from you. They feel poor, and they act poor in their purchasing habits too. So, what to do? Offer high-value, low-cost things to attract customers. Then focus your product positioning on essentials. Ex. Repairing hail damaged roof vs house painting. One is more “essential” to fix than the other.