Reacting to a Shift in Spending Patterns
Small business owners shouldn’t be quick to hit the panic button during economic slowdowns. Remember, business won’t immediately grind to a halt. For many small business owners, you’re more than likely to see a shift in spending patterns as your customers and clients reduce their spending but do not completely abstain from it. Customers who may have previously been willing to spend $1,000 for a given product may now be only willing to spend $300, and customers who may have spent $300 before may now be spending $100.
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