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Even when times are good, you need to be getting ready for when they are not. Prepare for an economic downturn by implementing good business practices to help ensure your farrier business’s survival. Here are few of the most important ideas to help recession-proof your shoeing practice.
1. Make sure to manage your cash flow. Do it all the time. Put money aside in a savings account to protect yourself in the case of an emergency.
2. See what you can do to reduce inventory costs without sacrificing quality of goods or inconveniencing your customers. With so many farrier supply stores around, you may be able to save money on items you don’t regularly use. Yes, buying bulk may bring the cost per item down, but if the bulk box of shoes takes a year to use up, then it can cost you precious cash flow that could be used for more important bills. You can also consolidate purchases with other farriers or look into co-op purchasing.
3. Review how a recession impacts your clients. Prepare for a situation in which your clients aren’t going to have you service their horses as often. Somebody’s always making money, even in a recession, so if you can find out who those people are and offer them the right service, you can make money along with them. A recession is also the time to take customer service to higher levels. Get in touch and stay in touch with your best clients. Take nothing…