Firing The Man Business Strategies for a Recession or Slow Season
Even with the impending recession or slow season, your e-commerce business could still continue to grow as long as it’s relevant and is using the right strategies.
In this episode, we talk about the different strategies that you could implement in your business to help keep it afloat. It could be cutting costs, proper inventory management, finding the right supplier and partnering with suitable lenders. We’ll also talk about the market outlook so if you’d like to prepare for what’s coming, make sure you tune in till the end. Let’s get started!
[00:01 - 03:27] Opening Segment
- David’s forecast on the economic dip
- Incorporate these tips into your processes and do it on a regular basis
[03:28 - 26:16] Let’s Talk About Strategies That Work
- Be profit margin focused
- Focus on high profit-high velocity products
- Remove products that do not sell
- Create a product timeline
- Do not be led by your emotions
- Increase your profit by taking advantage of split testing
- Assess your market
- Classify needs versus wants
- Look for wasted PPC ads spent
- Run an entire audit
- Revisit old campaigns
- Monthly reports and analytics
- Want some Amazon refunds? Check out GETIDA
- Promo code: FTM400
- Refinance debt by utilizing different lending options to get the best rate
- Cancel services and subscriptions that are not necessary to run the business
- Liquidate slow-moving inventory
- Collaboration of the marketing and inventory team is the key
- Break-even analysis
[26:17 - 30:39] Closing Segment
- What is GETIDA and why it’s the duo’s favorite software
- Connect with us!
- Final words
Quotes
“I think to add products into your portfolio that level it out and minimize your risk, it’ll increase the value of your business, for sure.”
“At the end of the day, profit is the name of the game.”
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