With small businesses in the US bracing for the impending recession and economic slowdown, they are also coming up with business practices that will help them be more sustainable and economical during the recession.
“Companies need to be able to grow in any kind of environment,” says Greg Portell, lead partner in consulting firm Kearney’s global consumer practice.
In the world of crafting, Darn Good Yarn, a small business owned by veteran Nicole Snow, is focusing on her suppliers. Working to purchase off-color and slightly imperfect products, Nicole then sells these one-of-a-kind yarns and fibers to her community at a 30%-40% discount. Nicole is focusing on the engagement of her community to help her during this recession.