5 Ways to Make Your Security Business Recession Proof
News of the probable economic downturn dominates the headlines, with many U.S. economists predicting a recession soon. Wells Fargo & Co., Deutsche Bank and others estimate it to happen in mid-2023, while Bloomberg Economics estimates a three-in-four probability of a recession hitting the beginning of 2024.
It is hard to ignore the possible implications it can have on the security industry, and chances are good that most of us are considering ways to fortify our businesses through this downturn. As a security dealer, integrator or manufacturer, it may feel as if economic uncertainty is propelling us into some poorly chartered waters. The reality is businesses within the industry are better positioned than most to not just survive, but thrive if they understand consumer behavior patterns and how to leverage evolving marketing trends.