In the wake of rising interest rates, the ban on credit card surcharges, the rapid advancement of AI and the lack of clear direction from the Australian Government, the feeling of uncertainty and uneasiness has reached a new level.
While most of these things are beyond our control, throwing in the towel in despair isn't going to help business owners or their employees.
So, what can you do to keep earning, keep your business running and reduce the stress without going insane?
Let's explore the options.
1. Check your expenses
The cost of everything is rising, including your suppliers, packaging, printing, delivery and products.
Start by contacting your suppliers for updated price lists. Where possible, negotiate contractual terms to lock in prices for the next 6–12 months.
Map out your anticipated expenditure for the next six months, including payment due dates and any known cost increases. Decide what can be postponed, where budgets can be shifted and what can be cancelled altogether.
In saying that, if you feel like sacrificing marketing, don't rush into it.
Without sufficient support for sales and customer acquisition, cutting marketing could do more damage than good.
Instead, reevaluate your marketing spend and communication channels. Look at what actually brings the greatest return to your business and reallocate budgets accordingly.
The goal is not necessarily to spend less, but to make every dollar work harder.
2. Reevaluate your pricing strategy
It's time to reassess your product mix, pricing and margins based on updated supplier costs and your sales performance over the past year.
What sells, when does it sell and how much does it sell for?
Which products bring the highest margins? Which products are expensive to maintain but generate little return? Where can costs be reduced, which products could be discontinued and where could you safely increase prices?
A marketing strategist can help you pull together the necessary data to create a clearer picture of your product mix and its performance.
This exercise should also include competitor analysis and a reassessment of your target audience.
Does your current product mix cover the different needs within your target market? Are there opportunities for add-on products, alternative packages or a new service offering?
Sometimes the answer isn't to sell more of the same, but to reconsider what you're selling and how you're presenting it.
3. Repackage the value
If your product or service is not price competitive, why would someone consider purchasing it when they're already struggling to pay their mortgage?
There are a million reasons why a consumer might prefer your product over a competitor's, and price is only one of them.
Perhaps:
They actually need your product.
They prefer its quality, colour, size or design.
You offer a clear refund and exchange policy.
Your delivery is faster.
Your product is Australian-made, supporting local businesses and jobs.
Your customer service is immaculate.
The purchasing process is simple and convenient.
Your product is better than the competitor's.
You add a personal touch.
You offer complimentary gift wrapping.
Your advertising reaches them at exactly the right time.
The list could go on.
Most of the value your business can provide is probably already there. The problem is that your customers may not be seeing it.
And if some of these benefits are missing, introducing them may not require a significant investment.
This is where marketing strategy becomes particularly important. Understanding your customers, what influences their purchasing decisions and what they value most allows you to build an offer that is genuinely appealing.
You don't always have to be the cheapest option. You need to give customers a compelling reason to choose you.
4. Make better use of your CRM
What does your company offer to all the existing customers sitting in your database?
Special discounts? Limited-time offers? Birthday or anniversary gifts? Referral programs? Loyalty rewards?
More often than businesses would like to admit, their existing customer database is left neglected while they continue spending money trying to attract new customers.
But how much does acquiring a new customer actually cost your business? What is their average spend? How often do they purchase? How long do they remain a customer?
A marketing strategist can analyse these figures, assess your existing CRM setup and identify opportunities to improve customer retention, repeat purchases and referrals.
You may already have an audience that knows your business, trusts your products and would happily purchase again. Perhaps they simply haven't been given a reason to return.
Before increasing your advertising budget to find new customers, make sure you're not overlooking the opportunities already sitting in your CRM.
5. Understand your target market's tough decisions
Most Australians are no longer faced with the question, "Which one of these products should I buy?" but rather, "Can I afford to buy it at all?"
Your customers are not necessarily choosing between you and your direct or indirect competitors. They are choosing between purchasing and not purchasing at all.
This is where flexible payment options come into play.
Can you offer instalment payments, monetary gift certificates, deposits or lay-by? Can you delay payments or introduce different payment terms?
What can your business offer to ease the financial pressure on your customers while still securing a sale?
Understanding how the current economic climate affects your target audience's purchasing decisions is just as important as understanding their needs, interests and preferences.
You may have the right product, the right price and the right customer, but if they cannot afford to purchase it right now, none of that matters.
Sometimes, making the purchase more manageable is all it takes.
6. Reevaluate your communication strategy and channels
What platforms do your customers actually use? Which channels bring the greatest return on investment, and how can you better leverage their performance?
Simply communicating across every available channel is too broad, expensive and time-consuming for most small businesses.
So, where should your business concentrate its efforts?
Review the performance of your current marketing channels. Look beyond impressions, clicks and followers, and assess which platforms actually generate enquiries, sales and returning customers.
Consider how your customers' behaviour may have changed. Are they spending more time researching products, comparing prices or delaying their purchasing decisions?
Does your current communication strategy address these changes?
Marketing isn't about being everywhere. It's about being in the right place, with the right message, at the right time.
And when budgets are tight, knowing where to focus your efforts becomes even more important.
Final thoughts
Yes, we're doing it tough, and it doesn't look like things will get easier over the next few months.
With another interest rate decision scheduled for December, just before Christmas, there is a possibility of yet another rate rise.
David Jones has announced the closure of half its stores, while major Australian companies such as Canva and Qantas have announced significant workforce reductions.
The uncertainty is real, and it affects businesses, employees and consumers alike.
But while we cannot control interest rates, government decisions or the wider economy, we can control how we respond.
Let's focus on what you can do now to protect your business from a hard hit this summer.
It's going to be a hot one on all fronts — the weather and the struggle.
References
Reserve Bank of Australia — Cash Rate Target. Official history of cash rate decisions, confirming five increases during 2026 and the November rate of 4.85%.
https://www.rba.gov.au/statistics/cash-rate/Reserve Bank of Australia — Removal of Card Payment Surcharges from 1 October 2026. Details of the changes to card surcharging, merchant fees and business implications.
https://www.rba.gov.au/payments-and-infrastructure/review-of-retail-payments-regulation/2026-03/conclusions-paper/faqs/Reserve Bank of Australia — Upcoming Events. Confirms the next monetary policy decision on 8 December 2026.
https://www.rba.gov.au/coming-up/ABC News — David Jones suppliers saddened but understanding of plans to close half the store network. Published 12 November 2026.
https://www.abc.net.au/news/2026-11-12/david-jones-suppliers-react-to-store-closures/107374298ABC News — Design giant Canva announces restructure affecting 22pc of global workforce. Published 4 November 2026.
https://www.abc.net.au/news/2026-11-04/canva-restructure-job-losses/107344304ABC News — Qantas to cut 850 corporate jobs as it moves roles overseas in Accenture deal. Published 10 November 2026.
https://www.abc.net.au/news/2026-11-10/850-jobs-to-go-from-qantas-as-airline-moves-roles-overseas/107368120
