The Resilient Retail Game Plan Episode 112

5 Tips For Running Your Business In A Recession

Podcast show notes

5 Tips For Running Your Business In A Recession

Recession! After the last few years we’ve all had, as small business owners, it’s the last phrase we want to hear cropping up on the news and in the papers – but unfortunately, a perfect storm of rising costs, increasing interest rates, ballooning inflation and falling wages all point to an imminent downturn in economic activity.

But not all is lost – far from it! I want to help you prepare for and weather the coming economic storm, as well as put into context what it actually means to be in a recession. In today’s episode, I delve into the numbers, articles, research and statistics to bring you my perspective on why you shouldn’t despair but perhaps even embrace the challenges ahead, and why you’re actually a lot better prepared than you may think you are.

In this podcast, we’ll take another look at the power of mindset and how your attitude can transform your business. We’ll revisit the fundamentals of knowing your numbers and nailing an effective sales strategy as well as digging into how identifying industry trends can help you better serve your customers. We’ll also discuss stock and how building up a cash buffer can help you keep your business operating as flexibly as possible.

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