What Small Businesses can do during Economic Contraction

Strategize. Plan. Prepare.

Throughout the U.S. businesses are retreating, cutting back, laying off people, pulling back on planned events that brought thousands to cities and small towns, increasing the spending power of local economies.

Hotels have seen the impact due to cancellations. Economic confidence declines. Consumers are fearful right now due to massive alerts of the coronavirus outbreak.

While consumer spending power is retreating, small business owners are the ones taking a hit. The risk factors are high. Unpaid invoices. decline in sales of products and services.

The Navajo Nation postponed their annual Navajo Nation Economic Summit, a conference for small business owners to see opportunities for contracts for upcoming work on the Navajo Nation.

Small Business owners throughout San Juan County are seeing a decline in foot traffic in Farmington. This could trigger more businesses to close.

The best option for business owners to do right now is not panic.

Do a cash flow analysis, plan and prepare your finances. Increase your community outreach and marketing online. Brand awareness. Do not retreat. No is the time to increase marketing.

Take advantage of consumers staying home and shopping online. Promote online sales. Strategize. Try something different and new.

Alexander Chambers is a Certified Business Advisor and Financial Consultant who works with Small Businesses, entrepreneurs and startups. To schedule a free consultation visit www.chambersholdings.co

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