Hi Reader,
As of the latest Gross Domestic Product (GDP) report, we've met the unofficial criteria for a recession.
This single datapoint of two consecutive quarters of economic decline is all it takes. But, as you can imagine, the economy is complicated, especially in pandemic recovery mode.
No doubt our road to recovery is going to be long and somewhat bumpy.
So, let's talk about what it means to manage your business when money is tight, inflation is a real thing, and both consumers and businesses are thinking twice about each purchase.
Firstly, do what all the financial folks out there recommend:
Next, create a strategy to drive customer loyalty. Here's how to do that:
A few additional tips:
As I work to support this community during these strange times, I'd appreciate your help.
Would you take two minutes to complete this one question poll I've posted to LinkedIn?
(Honestly, it will probably take you less than two minutes.)
Until next week, keep reaching for the sky while laying a strong foundation beneath your feet.
PS - Last week, I advised you to think more strategically about What You Say. Check it out if you missed it.
PPS - Need help crafting your strategy to thrive through these challenging times? Please reach out to me.
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I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
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