Navigating Economic Uncertainty as a Gay Business owner
{ Nicholas Lazarro }
This article is being written shortly after witnessing the closures of 3 restaurants in Worcester’s Canal District. Although this is something that may become more common as costs of doing business soar, and threats from legislators to raise the corporate tax rate loom. As a gay business owner and MBA student I have had the opportunity to experience these economic headwinds on the ground but also study them in the classroom. It is important to note that not all hope is lost, and there are strategic considerations businesses must make to stay viable during economic downturns.
To start, to remain viable your business must lean into your best services or products. What is your company known for? What problem does your company solve for customers? These are questions that need to remain as your North Star. Every business decision you make needs to be centered around your core competency to solve consumer problems. For example, my company is a mobile detailing business. We solve the problem of the hassle of dropping off your car to traditional shops. However, we can’t stop there. A part of sustaining your business is identifying other consumer problems and solving them as a part of your company. These are what have been coined as “Blue Oceans”- opportunities that other competitors haven’t explored that can set you apart. One problem I solve for clients is that I only use non-toxic safe and EPA approved cleaning products. This provides customers with the confidence that I take their health and safety seriously, and I respect the environment. This also serves as differentiation from other car detailers who do not follow this practice. This is my new problem I have identified, solved and can now profit from. In business, being dynamic and astute to consumer needs is number one! Those within the industry that cannot adapt as fast will be left behind to competitors who can.
Second- lean into your authenticity. Consumers can sniff out a fake easily. Being your true authentic self with customers, your branding and conducting yourself well in business will be crucial to sustain your base. This means; valuing existing relationships with flexibility, perks, and personalized service/ products. Going the extra mile for your base of clients will always prove successful. Leaning into your authenticity as a business owner, means being real with customers about expectations, not over-selling them, and truly providing value. Your value proposition needs to be wide enough to ensure that you turn profit but also your customer wins. Transparent pricing, upfront quotes, and avoiding fees (like the plague) will contribute to building trust, and boosting your authenticity. Trust is at the root of business and financial decisions, if they don’t trust you they will not trust your product/service.
Lastly, excellence, excellence, excellence. Customer excellence, Service Excellence, Product Excellence will ALWAYS survive. In a time where companies try to cut staff, cut corners on processes, this is your time to shine. Now more than ever, customers are searching high and low for quality, to be treated well and feel good about their purchases. As a business owner this is the one area that you have 100% control of in a world of economic uncertainty. To be strategic during times of economic uncertainty it is crucial to lean into what YOU can control.
Wrapping up, be authentic, be excellent, and do what you know best! Although we can’t control the economic circumstances of the macro economy we can always support one another, share local businesses and hold our local leadership accountable. Success will always follow those who persist and problem solve.