Three things to do right now to remain cool in the crisis

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What with the market crashing, firings, tariffs... everyone is freaking out.

If you are a retailer of any kind, your vendors are freaking out. Your employees are freaking out. Your customers are freaking out.

Here are three things to do so YOU don't freak out.

👉 Negotiate with vendors. Even if you are not 100% clear on how tariffs will affect your business, start negotiating in good faith with your vendors to see what can be done to keep prices as low as possible so as to not affect sales. If could very well be that a vendor will agree to absorb some of the tariffs to keep sales volume high.

👉 Communicate transparently with your employees. Seriously. Right now, the majority of your employees are thinking: “what is going to happen?”. You want to keep employees engaged and productive? Keep them in the loop. Without revealing confidential data, tell them about negotiations, be transparent about cost increases but, mainly, communicate with them in a positive, productive way.

👉 Create value to offset the pricing increase. If you know that there will be price increases across the board, right now is a good opportunity to increase the value of your products to offset the increase in pricing.

🤔 How do you know that your customers will consider more valuable right now? Simple! Ask them. Create quick quantitative research that shows you what customers value right now… then apply it. Want some help putting the entire thing together? Grab an appointment with 40 plus years of expertise in dozens of situations like these by clicking on the button above