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Are you concerned about what’s going on in the US Economy?
Hi, this is Judi Otton with GrowthCast. And if you answered no, I want to meet you. Most of us are, understandably so. But the first thing I want to say to you is there is absolutely nothing you can do at this point about what goes on in Washington in the next few weeks and months. So let’s focus on what we can control.
First of all, it’s as important, more important than ever to understand your full financial position. Know your runway. If you never got another sale again, how long could you, could you survive? Obviously, that’s not likely. Know what your monthly expenses are. Make sure you understand your profit margins for all of your goods and services.
Next, keep marketing your business, keep promoting yourself and your business. There are still people out there that are going to buy and if you stop now, you’re just going to have a bigger hill to climb later on.
Third, if there are things that you can renegotiate, things like rent, utilities, do it. Use this time of uncertainty or financial difficulty to help give you some leverage to renegotiate some things.
Fourth, if your business is slow, take that time to work on some strategic initiatives. What kinds of internal projects do you have? What kinds of products might you want to launch in the future? This is a great time to start working on that.
Fifth, finally, focus on your mental outlook. Manage your stress, and make sure your team is ok. Focus on the positive things that are going on and connect with positive peers. If your support system is all doom and gloomy, they’re not really supporting you.
And finally, I just wanna leave you with a short list of a few companies that you all have heard of that started in bad economies. Little companies like Hewlett Packard, Microsoft, Uber, MailChimp, Airbnb, Slack, Warby Parker, and Venmo all started in a bad economy. And through any economy, there will be companies that struggle and there will be companies that thrive. Be one of the ones to thrive.
This is Judi Otton with GrowthCast and I’ll be back next week with a new Fiscal Fitness Tip of the Week.