(Graphics Pro. Full article here.)
The past few years have delivered ups and downs that challenged many businesses, and the U.S. economy is showing signs of an economic downturn. High inflation, increasing costs for materials and logistics, and difficulty finding workers, all appear to be putting a damper on the economy. In a recent survey of economists conducted by the National Association of Business Economics, 72% said they expect the U.S. will be in a recession within a year, and nearly 20% felt we already are in one.
While the sign industry is a little more optimistic, with 63% of sign shop owners in a recent survey saying they expect a recession to affect business in 2023, the time is right to start thinking about how to meet the challenge if the economy slows.
The good news for the sign and graphics industry is that there are several avenues available not just to mitigate the effects of a slowing economy but to grow. Here are four ways:
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