What should we do in the face of economic downturn?

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As part of a small and micro business, we can deeply feel the economic downturn in different industries and the difficulties in personal life. Affected by the economic decoupling of the China-US-EU trade body, we believe that this situation will only worsen in the next few years and prices will continue to rise.

If you have enough resources and connections, and establish business relationships with state-owned enterprises or some leading private enterprises in some industries, you can live a more comfortable life. Of course, most companies, including ours, do not have this ability. At the same time, with the reduction in income, domestic economic liquidity will weaken. The only way out is to go abroad or find more opportunities in the domestic environment of internal circulation.

What should enterprises do when the economy is in a downturn?
foreign
Foreign trade retail
Although the overseas versions of Pinduoduo, Temu and SHIN, have taken advantage of capital and scale to squeeze the profits of domestic manufacturing, they have had a great impact on the groups that belgium b2b leads previously worked on Amazon FAB and Alibaba AliExpress. Of course, not everyone has been impacted, but it has impacted the vast majority of mom-and-pop stores, freelancers, and foreign trade companies that were able to obtain relatively high profits through Amazon. Therefore, it is very necessary to do your own private domain sales. Although it seems difficult, the world is so big, there are always more opportunities than in China.
Electronic components production and trade
Communicating with some bosses in the component industry, I found that foreign big brands are gradually reducing the distribution links in China and switching to direct sales to end customers, so their survival space is getting smaller and smaller; many of them get opportunities by replacing overseas electronic components with domestic components. However, there are still many opportunities for domestic component products to go overseas, such as Southeast Asia, the Middle East, and Russia.
Internal
Luxury goods and high-end product sales are not affected, because the economic downturn only has a greater impact on ordinary people. If your company's business or products are oriented to the domestic market, you need to find a way out in the involutionary environment with limited resources. If the niche market can only be in the domestic market, then you can only face involution. For how companies deal with it, please refer to the latest article " How to make your company more resilient in the economic downturn: service diversification ".

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