How You Can Survive This Recession

LOS ANGELES - Oct. 28, 2022 - PRLog -- U.S. GDP contracted by 0.9% in the second quarter of 2022, its second consecutive quarterly decline and a strong signal that the economy is in recession.

Burying your head in the sand is not the answer.

Research shows that most people wait until they are in PAIN before they see the dentist!

Unfortunately using this same approach will cause your business to fail in a recession.

This message is for anyone working in a non-S.O.N. business or who has a traditional brick-and-mortar business.

(If you already run a S.O.N. more in a second).

If you work for someone else:

1) Be prepared to get let go.
The hard truth is many business owners (maybe your boss) are not proactive. They will wait until things get bad because they have a tendency not to PLAN. Then their answer is simply to start cutting people who are not essential. If that's YOU then your days may be numbered.

2) Become vital to your company!
Are you indispensable? If you are not sure that's not good! You should know if your company needs you to function. To cement your position start working late or offer to come in on weekends. This way when the owners or managers start looking at who to cut you will likely survive.

If you own a brick-and-mortar business:

1) Communicate!
Let your employees know that things will start getting harder. This is because consumers will cut back on their spending which is the first domino to fall. The entire supply chain will slow down because of this. And, ironically, prices will go up which will contribute more to the negative pressure (and consumers slowing purchases).

Communicate with your Customers. Let them know how much you appreciate their business. Create promotions that will lock in business for an extended period. Example: they will get a discount if they order X amount in advance. Think of any recurring income strategies you can initiate.

2) Cut out the frills.

Continue reading:
https://paidletter.com/how-to-survive-this-recession/