What Recession?!

Jan 24

Written By Isha Foss

What is a recession?

According to Forbes, a recession is a significant decline in economic activity that lasts for

months or even years. A general rule of thumb is a downturn that lasts two consecutive

quarters.

So technically, we are not in a recession. But it is coming – eventually and it is normal.

POV – there is some good news. It will not be a surprise. We have time to prepare.

There is also the consensus that weddings are recession-proof. That is not exactly true, but

people will still get married.

We are still experiencing a boom brought on by COVID shutdowns and a significant percentage

of the the population being of marriageable age.

So, while there will still be weddings, they may be smaller and/or simpler.

Whether weddings are fewer or simpler (read less expensive), that will mean some reduction in

revenue. Unfortunately, there may not be a corresponding reduction in labor or hard costs.

Many realized the importance of reducing debt and increasing savings during the onset of the

pandemic and are well set to withstand this downturn. For others, there is still time.

The best way to save is with automatic deductions. This is the perfect time when retainers and

inquiries are plentiful.

Look at your services and assess what has been profitable for your business. Adjust your

offerings to match your numbers.

Perfect your processes.

When there are less clients you need to be quick.

Look at your workflows to see how you can streamline your inquiry process. Outsource to gain

speed. Find someone to qualify your inquiries and respond quickly.

Make sure that your proposals include all the costs to deliver the job. Avoid throwing in freebies

– at least until services have been finalized. You would hate to have clients cut out the profitable

items in your proposal and be stuck with all the complimentary services.

Write recipes. Create accurately priced recipes for the most significant items in your proposal.

Again, you want to avoid surprises when the client decides to cut everything except the item you undervalued.

Isha Foss