Growing in a recession: How business-owners thrive in a struggling market
LAS VEGAS (PRWEB) March 16, 2023 -- Schaefer Digital, a woman-owned business in Las Vegas, NV, is narrowing its focus to emphasize growth. This is a timely announcement because, despite the turbulent economy, the 4-year-old company has had exponential growth throughout its short life, including doubling in size last year.
Sidnee Schaefer, the founder and CEO of Schaefer Digital, is excited about the new, narrowed focus for the company. Schaefer Digital provides guidance for growth-focused businesses from business consulting and strategy needs to growth marketing, optimized experiences, and analytics. Essentially, they help companies strategize, grow, and then measure their growth and success.
Schaefer attributes the growth of her own company to a hyper-focus on relationships, both internally and externally. She works extremely hard to retain clients, and Schaefer Digital has a 98% retention rate for clients. They have never lost a client due to performance.
Schaefer believes in finding things that make people want to stay, and emphasizes the importance of customer service. She believes that this is one key to success in a recession or economic boom. “Even if people don’t have a lot of money, they will continue to spend if they feel good about you and the results you provide,” she says. “Half of business is just relationships.”
This philosophy is backed up by the Schaefer Digital clients, who keep coming back to the team even if they have to step away for a time due to financial or other needs.
Conservative by nature, Schaefer has also found success through her cautious hiring practices. Rather than falling into the common trap of hiring too quickly, she uses contractors until she has enough work to hire a new full-time person. Due to her incredible client retention, she has never had to lay anybody off. She also has high hiring standards and looks for maturity, accountability, and someone who cares deeply about their own performance.
The economic practices at Schaefer Digital are summed up by Schaefer’s personal policy of “finding efficiencies in what you have.” Despite the financial challenges women entrepreneurs often face, Schaefer has not taken out any debt to finance her company. Instead, she reinvests the net profit year over year, and as a result, the entire company is self-funded. She also carefully monitors the economic climate and bases her future projections on that. Even with a cautious, conservative approach, Schaefer Digital has continued to grow at a rapid, impressive rate.
Women-owned businesses have demonstrated great resilience, and Schaefer Digital is a great example of that. Their resilience in changing markets and deep commitment to their customers will not only allow them to continue to thrive but will enable their growth-focused clients to build their businesses as well.
Jeanette Hayes, Schaefer Digital, http://schaeferdigital.com, 1 7022056516, [email protected]
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