If you haven't heard we are in a recession. Is that news? I think you would probably have to be living in a hole not to know that. What should we know about the recession?
When did things change?
Knowing when something is happening is important. Being on top of every change is vital because the thing about change is that its always changing!
How does it affect the consumer?
With every major market shift people make changes. If their level of income drops off they are forced to adapt and spend less. This is just common sense. I came across this article about Wal-Martand what they have seen. I am not going to pretend I like their business model, because I think it stinks, but they probably know a thing or two about consumers. But the thing about Wal-Mart is that they change the consumer and the consumer changes Wal-Mart. People are eating out less, ask any restaurant. Roll with the punches, right?
What have you done to adapt?
The million dollar question. If you haven't made significant changes in the way you do business then I bet the biggest change that has happened to you is that you are out of business. Personally I have cut out every single expense I have in my business other than my $4.99 per month hosting fee for my website. Every other aspect of my business I do for free and I do it myself. I don't think I have any more â€œfreeâ€ time than I did earlier in the year but I don't need any unnecessary expenses either. Now is not the time to be cutting into your advertising budget but there has to be areas where you can trim the fat. If you don't get lean and mean you are going to be eaten by the wolves. Trust me, someone else in your area of business is getting hungry.
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