What pent-up demand means for small business owners

By March 17, 2021March 22nd, 2021Industry

pretty fingers of african american woman holding money close up with purse, luxury jewellery on python clutch, cash for giftsWhile a return to “normal” might seem months away, there’s no question hope is on the horizon. Multiple vaccines are slowly but steadily making their way across the country, which many believe will lead to a brighter future. Spring’s arrival also bodes well for business. Regardless of industry, experts are in agreement that consumers will be ready to spend again, and soon.

But why now? The last year of economic decline and financial instability means some consumers have been saving more than ever before. As analysts will tell you, they will only save for so long before they resume spending. Enter a concept that the economists refer to as pent-up demand.

So what does this mean to you, the small business owner? In simple terms, the time to act is now. Here are a few ways to be proactive:

Audit your digital presence.
Is your website up to date? How easy is it to navigate? If your business is entirely e-commerce based, you’ll want to evaluate it with that objective in mind. If your website isn’t an asset, it’s a liability. The same consideration goes for your social media channels. Is the information accurate? Are you posting with regularity? With consumers spending more time engaging in online shopping, you can’t leave anything to chance.

Invest in your people
If you were among the millions of small businesses who had to temporarily lay off staff, it’s time to think of the bigger picture. When business starts to take off again, you will need to have them at the ready. Maybe you’re not quite ready to have them back on the payroll, but you should have a plan in place for phasing them back into your operations. Keep the lines of communication open and thank them for their loyalty and dedication.

Speaking on the first point, I’d like to offer my assistance so you can get in front of your customers when they’re going to be eager to spend again. I’d like to give you and your team a one-time complimentary social media “reach” assessment (No obligation or risk). Follow this link to schedule a Zoom call with me and our top strategist. Simply click the link to access our calendar and schedule the Zoom call. Be sure to pick a time that you can be in front of your computer and check your email for a confirmation. The confirmation will contain instructions for joining the Zoom meeting. By doing it this way we will be able to share our screen and show you some live examples of what we do.