Entrepreneur Yuval Madar offers his top tips on how to help your startup thrive even during a recession.
PALM BEACH, FL / JULY 13, 2020 / The coronavirus pandemic has turned the United States economy upside down. Businesses that were excelling prior to the pandemic are now faltering. However, that doesn’t mean all businesses, large and small, are struggling. Entrepreneur Yuval Madar is the CEO of a major tech company, Lime Cellular, and he recently offered his tips on how you can help your startup thrive, even in a down economy.
“It’s not easy for a business to survive, let alone thrive, in a recession or struggling economy,” Yuval Madar said. “But it’s 100-percent possible, and I’ve succeeded in doing it. I hope my advice can help other business owners and startup entrepreneurs in need.”
Yuval Madar suggested assessing inventory as a first step in protecting your business in a down economy. He stated that it’s essential to reassess inventory costs and reduce them when possible, without sacrificing the quality of your product. Yuval Madar suggested researching whether you’re ordering an excess of a certain product and can cut back. He also recommended searching other locations for a better price on the same goods.
Yuval Madar stated that a down economy is a time to start looking into drop-shipping, which involves ordering an item online and sending it directly to your client, so you don’t have to receive it and spend even more on shipping and handling. Yuval Madar explained that a financial crisis is a time to get creative, and this may involve mixing up your current processes.
“A major way my businesses have been able to thrive during an economic crisis is through acquiring our competition’s customers,” Yuval Madar said. “Obviously, this is always a company goal, but we’ve made it our focus during a down economy and have found positive results.”
Yuval Madar emphasized that now is the time to use your creativity to help your business stand apart from the rest. This means finding out exactly what your competition is offering, and offer something superior. This could be a more affordable price or an added service or convenience. Yuval Madar explained that, many times, these changes don’t need to cost much, so allowing you to acquire customer dollars without having to spend too many of yours.
“Marketing is typically the first department to be cut during a financial crisis,” Yuval Madar said. “This is the biggest mistake many startups make.”
Yuval Madar explained that many startups see the advertising dollars they’re spending and decide to cut that budget as much as possible. However, he stated that marketing is exactly what every startup or small business needs to succeed, and an economic crisis is not the time to cut it.
“Fighting an economic downturn can seem impossible for a startup or any business,” Yuval Madar said. “The goal is to stay focused, keep advertising, and outshine the competition. If you can do these things, you can see your business thrive during a down economy.”
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