Small business owners need an inflation busting strategy that will set them up to weather any economic storm
As a small business owner how do you deal with economic uncertainty? Pandemic shut downs, supply chain issues, changes in consumer behavior, and the war in Ukraine have all disrupted the world economy, causing global inflation and fears of a recession. At the same time, in the United States unemployment is at a 50 year low, making hiring a continued challenge for small businesses. Small business owners need an inflation busting strategy that will set them up to weather any economic storm in order to continue to grow and profit.
Whether you are dealing with increased costs, difficulties finding employees or slow growth, applying the Pumpkin Plan Strategies will enable you to continue to operate your business efficiently, effectively and profitably.
The key to continued profitable growth
The Sweet Spot is the heart of the Pumpkin Plan Strategy, and the key to continued profitable growth and time freedom for business owners, even during uncertain times.
Your Sweet Spot is the place where your Top Clients, your Unique Offering, and your Systems and Processes intersect. In other words, when you have efficient and effective systems for delivering a Unique Offering to a defined client niche, you are operating in your Sweet Spot.
How does this help me ride out an inflationary and possible recessionary economy you ask? Here’s how….
I’ll start with your client or customer niche, your Top Clients. If you know exactly who your Top Clients are, you can continue to serve them in a way that keeps them coming back. Having a clearly defined client niche is an inflation busting strategy because it enables you to do the following:
- Get extremely targeted with your marketing dollars. If you can define your niche as a group, then you can determine exactly where they show up the most, and you can show up there as well. Because you are not spreading your marketing resources too thin by showing up in too many places, your marketing return on investment will be higher and it will become more profitable to acquire those customers. You might even be able to reduce your overall marketing expense while increasing the number of qualified leads that you generate.
- Create a targeted marketing message that attracts your best clients into your business. Again, having a message that strongly appeals to a very specific audience will increase the effectiveness of your marketing, saving you money while growing your client base.
- Define a Unique Offering that specifically appeals to what your Top Clients want and need from you the most. When you are offering exactly what your ideal audience wants, they become less price sensitive. Your product or service becomes a “must-have” in the eyes of your best clients. This means that if your costs are going up you can safely pass those increases on to your clients, enabling you to maintain your profitability in spite of rising costs.
Systematization is an inflation busting strategy
Another key to weathering the economic ups and downs is to create and document clear, efficient and effective systems and processes in your business. There are many benefits to systematization, including:
- Consistently good results, leading to happy, loyal clients and customers.
- Higher profitability. Efficient systems produce fewer costly mistakes and high productivity.
- You can do more with fewer employees.
- In many cases systems can be automated, reducing the number of employees needed to produce and deliver your product or service.
Certified Pumpkin Plan Strategists have the tools and resources at their fingertips to develop winning, inflation busting strategies for their clients. If you serve the small business sector and would like to become a Certified Pumpkin Plan Strategist go here to APPLY.
Would you like help and support to create your own winning growth strategy? Hire a Pumpkin Plan Strategist today!