According to DANE, in the year 2022 the GDP in Colombia grew 7.5%. In a report dated February 15 of this year, BBVA Research has estimated that GDP will grow only 0.7% in 2023 and the Banco de la República forecasts only 0.5%. This represents a significant decrease compared to the result of the two previous years.

Recent economic data confirms the slowdown in economic activity in early 2023. These include a decline in: vehicle sales, household confidence, and merchant sales; low growth in the demand for electricity, a reduction in the sales of new homes and a weakness in the consumption of goods.

With this panorama starting the month of March, we want to give you some recommendations so that the economic slowdown in Colombia that is already imminent does not catch you off guard.

8 tips to face an economic slowdown and not go bankrupt trying

1. Reduce your costs: In times of economic slowdown, it is important for companies to reduce costs as much as possible. This could include cutting unnecessary expenses, renegotiating contracts with customers and suppliers, and reducing the amount of inventory.
2. Diversify your income: Seeking new income opportunities can help offset decreased income from other sources. This could include seeking new markets or market niches, developing new products or services, or exploring collaboration opportunities with other companies.
3. Save as much cash as possible: Make sure you have enough cash reserves to handle any slowdown in demand or rising costs.
4. Increase your operational efficiency: Improving operational efficiency can help reduce costs and increase the profitability of your company. This could include automating processes, reducing supply chain complexity, and optimizing logistics.
5. Keep your customers loyal: It's important to maintain a good relationship with your customers during an economic downturn. This could include offering discounts or special promotions, improving the customer experience, and maintaining regular and appropriate communication with them.
6. Be creative: The economic slowdown can be a time to be creative and look for innovative solutions. This could include finding ways to save money, developing new products or services that are more profitable, and finding new ways to market.
7. Seek additional financing: If your company's finances are under pressure during an economic slowdown, seeking additional financing can help keep your business afloat. This could include applying for loans, seeking investors, or using lines of credit.
8. Seek help if necessary: ​​If the economic slowdown is causing significant financial hardship for your business, it's important to seek help from financial advisers, banks, or nonprofit organizations that help businesses in financial distress.

Keep in mind that facing an economic slowdown requires actions that are not implemented overnight, they require time, planning and the guidance of the right professionals for each one of them. At Bits Américas we accompany you from start to finish with all the necessary actions related to:

• Business Process Automation
• Digital product development
• Development of applications, websites, transactional portals
• Creation of software or systems that help you solve specific requirements
• We provide the technological solutions that your company needs At Bits Américas we accompany you from start to finish with all the necessary actions related to:

It's time to give your customers great experiences

If you can think of it we can do it, talk to an expert.