Finances

Cost of living crisis: adapting your business to thrive

Steering a business through difficult economic times is tough. But with a robust mindset and careful planning companies can continue to attract and retain customers.

25 Jul 2022 . 2 min read

Our guests on The Royal Bank Business Extra Show offer today’s insights for tomorrow’s challenges – to help small business owners cope with the current triple threat of rising inflation, soaring energy costs and the labour shortage.

Picture credit: © Getty Images

Alison Edgar MBE is a self-made businesswoman, and a self-described “entrepreneur’s godmother”. She has published two best-selling books and runs her own successful events company, hosting sales and leadership forums worldwide.

In her discussion with hosts Eshita Kabra-Davies and Holly Mackay, Alison offers some useful tips on how enhancing your sales and marketing techniques can help your business flourish during the current cost-of-living crisis.

She advises:

know your numbers
adapt your sales and marketing strategies
maintain a growth mindset
be confident in your pricing
remember, people will still buy

“What is the secret to a successful business?” asks Alison. “It gets really complicated but actually, it’s: sell more stuff, spend less money, stay in profit.”

Listen to The Royal Bank Business Extra Show’s full interview with Alison Edgar.

Data-led marketing

Akash Mehta is the CEO and founder of hair wellness brand Fable & Mane. In a discussion with the Royal Bank’s Business Extra Show host Angellica Bell, Akash shares his journey of launching a premium brand during the first wave of Covid-19 lockdowns, and adapting it to thrive during the current cost-of-living crisis.

Your customer is always your priority. They are your first and most important touch point so making sure you have a very customer-centric mindset in business is so crucial

Akash Mehta

CEO and founder, Fable & Mane

Fable & Mane’s success is largely driven by Akash’s desire to bring ancient Indian wellness techniques and products to a wider audience, and his data-led approach to digital marketing.

He advises business owners with a digital focus to follow three steps to improve audience engagement and, ultimately, sales.

Collation – gather all your customer information into a central point
Communication – establish the right channels for each customer
Segmentation – organise your customers by type

And when it comes to retaining Fable & Mane’s customers, and staying resilient as a business in the current economic climate, Akash credits his success to three elements: transparency in pricing, education on the value of the product and customer trust in the product and its sponsors.

“Your customer is always your priority,” says Akash. “They are your first and most important touch point so making sure you have a very customer-centric mindset in business is so crucial.”

Listen to the Royal Bank’s Business Extra Show’s full interview with Akash Mehta.

Support for your business as costs rise

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Cost of living crisis: adapting your business to thrive

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