Today’s entrepreneurs must be clever operators to navigate the recessionary forces that threaten to plunge the economy into a deeper rut. Amid a worldwide supply chain crisis, rampant inflation, a war in Eastern Europe, political tensions in Southeast Asia, and a near-total meltdown of the cryptocurrency sector, owning a business means fighting multiple battles.
In addition to pursuing profits, principals, and managers fend off encroachment by government regulations, high tax rates, and a rapidly changing commercial environment. Accountants, transport fleet managers, merchants, and dozens of other business professionals use unique strategies and tactics to survive in the complex financial world. While some minimize expenses by using less office space, others keep a close eye on fuel usage, leverage the power of social media for promotional purposes, and offer loyalty discounts to potential customers. Consider the following examples.
Accounting Firms: Minimal Office Space
In the span of less than a decade, some of the largest accounting firms have begun to transition to a telecommuting (home-based workforce) business model. The same is true for companies of all sizes in not only accounting but also insurance, financial services, real estate, and investment. While there are a few cyber security risks and communication challenges, firms like the fact that they can save enormous sums on the cost of leasing office space. Another advantage to the arrangement is that workers use fewer sick days and don’t need parking space. Expect home-based financial and accounting services to expand quickly during the next few years.
Commercial Fleets: Fuel Cards
Among fleet managers in transport firms, fighting a recession calls for creative thinking and definitive action. Firms throughout the industry have discovered that using fuel cards for truckers is an efficient way to do more than just track every at the pump purchase. Trucking companies can use the cards in numerous ways. In addition to making IFTA reporting much easier, fuel cards help fleet managers set specific spending limits, earn lucrative discounts on regular purchases, etc. If you own or manage a transport fleet company, it’s imperative to explore the many benefits fuel cards offer. Plus, find out how to select the most suitable fuel card program for your company’s vehicle fleet. Keep in mind that the cards can be integrated into full-scale management systems for even higher levels of efficiency and lower costs. For fleet managers, the concept is a win-win.
Small Merchants: Social Media
When budgets are tight, entrepreneurs turn to the power of social media to build their brands, make public announcements, and attract new customers. The beauty of social media, from an owner’s perspective, is that it’s free. Plus, it does a decent job as a stand-in for paid campaigns. Sellers who want to maximize sales are turning to stand-alone social media experts who can deliver excellent results for a fraction of the cost of a traditional advertising agency’s fee.
Spas & Bodywork Providers: Membership Packages
The personal service sector suffered a huge hit during the recent pandemic. Something like one-third of all small and solo operators went under amid widespread closures and social distancing mandates. Now, the ones that survived are offering package discounts to attract long-term clients, rebuild their financial solidity, and move away from a single-sale business model.