Expert Tips for Managing Profit in a Changing Economy
Wellness industry financial expert, Monte Zwang of Wellness Capital Management, is here with insight on this important topic:
Are you wondering why your profitability has changed post-pandemic? You are not alone. Our world has been and continues to be rocked. The pandemic changed everything and continues to do so. Are rules and regulations changing what services we can even provide? Your guests’ lives, economics, and lifestyles are changing. Capacity, staffing, purchasing, profit margin is changed. How can we plan our profit?
Afraid to read the news? Welcome to our new reality. interest rates, labor shortage, supply chain, increasing prices, unemployment. All of this affects us. We’ve never been here before.
Now is the first time in my career that my clients are planning for the short term. Once we see how that goes, we can look longer term.
The landscape is changing. Our relationship with staff and vendors is changing.
Each news issue requires a new path from here.
One issue compounds another and another.
It’s rough out here. Our businesses are affected daily by the labor shortage, supply chain issues, product price Increases, lower customer service frequencies, inflation, gas, and housing prices. Sounds like our headlines, doesn’t it?