Those who want to see what successful entrepreneurship looks like need to look no further than Jeff Webb. Webb has weathered multiple challenges throughout his career. His advice on dealing with runaway inflation can help a small business owner survive and thrive in today’s challenging business environment. As Business Insider rightly noted, Americans have yet to feel the full impact of the war on inflation, so now is an ideal time to consider expert advice and prepare to address the future’s inevitable challenges.
Jeff Webb says that assessing one’s business model is an excellent place to start. Consumers feeling the pressure of inflation are putting a priority on essential purchases. Home building, grocery, and discount stores are seeing a boom in businesses, while beauty salons, gyms, department stores, and gift stores are seeing less traffic than in past times. Companies offering non-essential goods/services may need to change their offerings, target audience, or both to weather the current economic situation. It is also wise to analyze business expenses to reduce unnecessary costs. For instance, allowing employees to work from home can eliminate the cost of leasing office space and paying for utilities. Automating certain aspects of a business and working with contractors rather than hiring full-time employees are other cost-cutting measures a business can take to stay afloat.
Jeff Webb also encourages business owners to prioritize reaching out to current customers. Studies clearly show that it is far easier to convince someone who has bought something from the business to do so again than to bring in new customers who have never worked with the business. Sending customized emails designed to appeal to different target audiences is one good way to bring consumers back to the business, as is creating a customer loyalty program that rewards customers for their patronage. Another group that deserves attention is other small business owners, Webb explains. He notes that joint ventures between two or even more small business owners can be profitable. He explains that a group of small business owners pooling their resources together can pull off marketing and promotional events that a single business owner could never do on their own. For instance, local ice cream and toy stores could offer coupons for each other’s stores or even set up a block party to bring families with children to the area.
Economists have made it clear that higher prices are here to stay. This will naturally pressure small business owners and entrepreneurs; however, it is possible to overcome the current challenges with careful planning and new marketing strategies. Co-operating with other small business owners when possible, targeting previous customers, and adapting one’s business model to current realities are all tried and proven ways to succeed.