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Essential Businesses
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During the pandemic, governments
selected what they considered
essential businesses. Often, the
selections made little sense.
Business selections heavily
favored large businesses while
similar smaller companies
suffered. The term essential was
misused.
Does your
Business solve a problem? If
not, it probably isn't
necessary. Don't panic; many
Businesses are not essential. Is
the local ice cream shop
necessary? No, but we would miss
it if it were gone. Businesses
that offer products or services
critical for survival are least
affected by the economy and
inflation. Health Care, grocery
stores, and utilities sales
continue even during an economic
downturn.
If we position
our Business so it fills a need
or solves problems, we insulate
ourselves from the economic
swings many face. Customer
retention is higher for
Businesses that help customers
avoid obstacles.
A
simple test can determine if
your Business is essential. Do
your customers need the product
or service you offer to survive?
We need food, but we want luxury
items. All products are
important to our overall
economy, but only essential
items provide protection from
inflation and financial
fluctuations. People will
continue to buy food regardless
of rising prices.
Some
people buy precious metals to
hedge against inflation.
Businesses can add essential
product lines whenever possible
to reduce inflation and
recession risk.
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Just For Grins
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- It's not a hangover.
It's wine flu.
- Me: "I'm still tired
from all the crossfit this morning." My wife: "It's
pronounced 'croissant' and you ate 4 of them."
- I swear if my memory
was any worse, I could plan my own surprise party.
- If You want to impress
me with your car, it better be a food truck.
- Apparently "Spite" is
not an appropriate answer to "What motivates You?"
- Dear life, when I said
"Can my day get any worse" it was a rhetorical
question not a challenge.
- I didn't mean to push
all of your buttons. I was just looking for mute.
- If one door closes
and another one opens your house is haunted and
you need to run.
- Being kissed while
your asleep is one of the purest forms of
love....unless you're in prison.
- He reminded me of a
penny. Two-faced and not worth very much.
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