The Ultimate Recession Survival Guide For Small Businesses
Jul 27, 2022
While most of the jobs lost during the pandemic have been recovered, there's a growing concern for an impending economic recession among economists and organizations.
The confidence level of economic forecasters (a measure of what direction they think the economy will go) anticipated a downturn in the next year. While it was only 28% in April, that confidence level is now up to 44%.
Although the economy's future remains unclear, small businesses must prepare for the worst-case scenario.
Perhaps the most critical strategy small businesses need to adopt is maintaining perspective. In uncertain economic environments, small business owners tend to make decisions quickly and lose focus on their long-term goals.
So, maintaining perspective is about keeping these long-term goals in mind when making difficult decisions and finding ways to inspire your team. You can achieve this by being open to their input and addressing their needs and concerns.
Many businesses tend to lay off employees in an attempt to cut down expenses during recessions. However, it's vital to remember that your business needs a solid workforce to succeed. So, don't rush layoffs - restaffing will not be easy.
Do you want to learn more?
Tune in to this week's episode of ‘While We Were Working’!
Joey and Sommer explore why recessions happen, their implications for small businesses, and a few strategies to successfully navigate an economic downturn.
You'll also learn common mistakes small businesses make during recessions and the importance of maintaining perspective in uncertain times - all you need to know to make your business recession-proof.
Sommer and Joey also discuss stay interviews - what they are, why many small businesses fail to implement them properly, and best practices to improve retention and your workplace culture.
Additional Resources
📰 Article in question:
https://www.inc.com/ali-donaldson/7-tips-on-how-to-recession-proof-your-business-from-leaders-who-have-been-through-it.html
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Hosts: Joey Price and Sommer Ketron
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