It's common knowledge that the UK economy is in very bad shape. Record-high inflation rates mean virtually every business cost has shot up, putting businesses on the back foot when it comes to growth. However, with any economic downturn comes uncertainty – and also, potentially, opportunity.
This blog covers the following:
- Learning from history
- Protect your cashflow
- Building a small, loyal client base
- Don't forget to Advertise
- Promotions, discounts and deals
- Don't forget Retail sales
- Energy saving
Learning from history
Firstly, we need to look at and specifically learn from the past. In 2008, the UK economy shrank by more than six percent between the first quarter and the second quarter of 2009 and took five years to recover to the size it was before the recession.
Despite the recent challenges of COVID-19, the latest economic pressures will feel unprecedented to many hair and beauty business owners. For some, however, it's a familiar crisis as they have weathered the storm. Then, as now, business owners across the country wondered how they could budget through the obstacles ahead. Of course, most survived, and some even flourished, giving them the knowledge of how to make the next crisis a little easier to negotiate.
As a small hair and beauty business, you might be worried about how your business will fare against competitors such as larger hair and beauty business names during an economic downturn.
In an economic downturn, small and micro businesses can carve a name for themselves in their sector or industry to succeed both in and out of the financial downturn.
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