078: Is Your Business Recession Ready?

Launch Your Box Podcast with Sarah Williams | Start, Launch, and Grow Your Subscription Box

Sarah Williams에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Sarah Williams 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.

2+ y ago 34:19

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In today’s episode, I’m talking about things you can do to make your subscription box business recession ready.

While it’s not possible to “recession-proof” your business, it is possible to be recession ready. Now is not a time to panic. If we made it through a pandemic, we can make it through economic uncertainty. There are practical, actionable steps you can take to make managing this time less stressful. I walk you through seven of them in today’s episode.

Get control of your inventory. It’s time to change your buying habits away from the panic buying we all practiced during the pandemic. I shifted my own buying behavior away from buying deep (fewer products in greater quantities) to buying wide (more products in lower quantities).
Understand your cash flow. In order to build a long-term, sustainable business, you have to know and understand your numbers. Decreasing your inventory will increase your cash flow, but you still need to have products to sell. Understanding your rate of revenue vs. your rate of expenses allows you to make adjustments where necessary.

Overhead
Software
Packaging & shipping
Opportunities to buy in bulk

Trim your expenses. Dig into your P&L to identify your biggest expenses and any you don’t realize you’re even paying for. Look for areas where you can trim costs.

Try a new platform.
Use email and SMS marketing to get in their text messages and inboxes.
Experiment with your posts/videos to make things new, fresh, and fun!

Get in front of new people. Now is not the time to pull back on your marketing efforts. How are you serving your audience? Focus on organic, free ways to attract new people.
Create additional revenue streams. If you don’t yet have a subscription box as part of your product-based business, start one. If you have a subscription box, consider what complementary products you can offer your customers? Don’t forget to consider digital products!
Offer customization and convenience for a premium price. What can you offer those customers who want the ultimate experience and are willing to pay for it?

Wow your customers. There is so much you can do that won’t cost you much at all. Make exceptional customer service the standard. Say thank you and show appreciation to your customers. Look for ways to surprise and delight your subscribers.

Get my resource “10 Ways to Surprise & Delight Your Subscribers” by texting SURPRISE to 940-204-0023.

Don’t be afraid to serve and to sell during these uncertain economic times. Realize people want to buy what you have to offer. Now is the time to gain a deeper understanding of the financials of your business and make educated decisions.

Join me for this episode as I talk about seven things you can start doing now to get your business recession ready. This is an episode to listen to with your notebook close by. You’re going to want to take a lot of notes!

Important Links:

10 Ways to Surprise & Delight Your Subscribers - Text SURPRISE to 940-204-0023

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