In business, challenges and opportunities often arise in unexpected ways.
Economic downturns are scary times. Consumers cut spending, companies cut costs, the media is constantly reporting how the markets are reacting, and we all hope for a speedy recovery.
First, a recession is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
As analysts give their predictions on [whether or not 2023 will see a recession], we find ourselves faced with a unique set of circumstances if we do enter one.
The path to success is not always clear during a downturn. This week we look at an approach that may seem counterintuitive: expanding during a recession.
Here 8 ways we identified to grow from speaking with other owners/operators about operating during a recession.
Diversification of Revenue Streams
When things get rough, diversify your revenue streams. Consider the example of all the dry cleaners that expanded to include wash and fold services. Due to the dwindling demand for dry cleaning services during COVID, this new service provided a lifeline, generating a new revenue source that cushioned the impact of COVID.