Advice: Don't Flatline -- Revive Your Small Business During a Recession

According to the headlines, the recession of all recessions is heading our way in 2023. As big businesses prepare with scaling back, layoffs and strategy, could this shift provide an opportunity for small businesses to do the same? There is some positive news as small business owners; we have advantages over big corporations. We can make decisions quickly while picking up top talent for positions we have been seeking to fill over the past two years. Recessions can be a time for growth opportunities; for example, a business owner may decide that now is the perfect time to implement their exit plan. New millionaires are made as one business exit. This opportunity allows you to purchase an existing business with that nest egg you may have put aside for your dream business.

This week's episode discusses automation, people staying closer to
home, and caring less about "keeping up with the Joneses." Say hello
to the Millennials; whether you love them or consider them entitled, it is
essential to understand their purchasing power in 2023. 1.4 trillion is the
purchasing power of the Millennials globally. They comprise 50% of the current
workforce.

Convenience is expected and no longer looked at as a luxury. It would
be best if you had a robust online presence, or you will become obsolete. Use
that downtime to complete all the essential tasks you couldn't do while the
economy was booming. This description is just a short tidbit of what we cover
in this episode; grab a notebook and get ready to put together your strategy
for the next twelve months of your business.

Topics covered

1 Automation

2 People are living for experiences and not stuff

3 Understanding  millennials is nessacery 

4 Delivery and personalization

5 Website and ways to draw more traffic to your website using backlinks

6 Convenience

7 Payment options and interest rates for vendors and consumers

8 Strategic Planning with your team even if you are a solopreneur, you need a strategy