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Even if a recession is likely – it’s not expected to last long. While the market cools, there’s a brief window for businesses to take advantage of this cyclical change to thrive in a post-recession environment.
Secure deals from vendors
As competitors close, you may be able to unlock value from vendors and suppliers in both the short and long-term. As the market contracts, vendors may be willing to reduce per-item costs as suppliers experience fewer purchases and lessened demand.
Engage employees and access experts
Work with your team to uncover opportunities, like identifying the unmet needs of your existing customers, areas to streamline processes, and ways to increase value for end users. In addition to leveraging your existing team, recessions often increase the availability of talented individuals as businesses undergo layoffs and restructuring. Beyond new hire availability, a recession may correct the current environment’s competition for qualified individuals.
Capture market share
As competitors shut their doors or reduce their spending, savvy owners strategically increase their presence to fill the gap in consumers’ needs. Explore whether a new market or acquiring a closing competitor could help you expand your footprint. Businesses also tend to trim advertising budgets, particularly experimental campaigns during economic downturns. Use this opportunity to deploy your tested advertising methods to reinforce your brand, presence, and strength in the market. Capturing new customers during economic tightening can result in loyal, long-term relationships.
To capture these opportunities throughout 2023, NEWITY is here to help you access capital and find trusted service partners — all in one marketplace.