In between mentions of Roe V. Wade possibly being overturned this summer, there is talk of a recession late this year and during 2023.
What can you do now to prepare for it? Especially when there is scarcity about:
- Boost your purchases of finished goods and raw materials to cover longer periods of time, to avoid shortages and get better pricing, possibly.
- Tell your banker that you’re going to need more inventory financing to accommodate larger stocks.
- Hold a meeting with all your people and tell them about your strategy, and that if we execute correctly, there won’t be any layoffs.
- If you have sales reps inside and outside, tell them to contact all customer they haven’t had an order from in the last three months to see if there’s a problem. If you’re a retailer, boost your local search expenditures.
- Try to price match all competitors, so you retain customers.
- Have an outside consultant review your promotion methods and your website to see if they’re all maximally effective.
There are probably more things you can do and we’ll keep thinking on it.