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Inflation! Recession! Oh my God, what are you going to do?
Hi, this is Judi Otton with GrowthCast and my answer for you – Nothing crazy. The fact of the matter is that I don’t know what’s going to happen, you don’t know what’s going to happen, the experts and pundits on TV, they don’t know what’s going to happen. Also, businesses thrive in all kinds of conditions. There are businesses that have been built during recessions so you can too. And third and most important thing I want to talk about today is there are things you can control and there are things that you can’t, so let’s worry about the things you can control.
What can you control as we go into any uncertain period or any period because nothing is certain.
First of all your marketing sales and outreach – this or any time isn’t the time to take your foot off the gas. I owned a different business when we went through the 2008 recession and my partner and I actually invested in sales training and marketing through that time and did fairly well.
Second, you’re spending – always keep looking at what you’re spending. Do you need it? Are there places that you can cut without hamstringing your business?
Third always and you hear me preach about this all the time. Your profit margins? Yes we have had inflation. So your cost of goods has likely gone up. Do you know what your profit margins are? Make sure that you do, on a product or line of business basis.
Your operations – What can you do to streamline things? to standardize your operating procedures? and to provide stellar customer service? Always something that’s gonna benefit your business.
And finally your attitude – are you going to be scared and cowering every time some newscaster gets all hysterical? Are you going to keep your eye on the prize and just keep building the most Fiscally Fit business that you can?
This is Judi Otton with GrowthCast and I hope you’re going to pick the last choice and keep building your Fiscally Fit business through the conditions we have now next year and the year after that and the year after that, I’ll be back next week with a new Fiscal Fitness Tip of the Week.