7 Tips to Fall – Check your business, from the leaders out there

Almost all of the work lost during the outbreak has been restored. The U.S. increased by 372,000 jobs in June, exceeded expectations, and lost 3.6 percent – the lowest in more than 50 years – according to the Bureau of Labor Statistics today.

Despite the booming labor market, the overall economic situation is becoming increasingly frustrating. No business owner wants to hear the word “r”. But as you ask, the country may be on the verge of collapse, or we may already be together.

Wells Fargo: This latest work report should be a stumbling block to the US economy – but not everyone shares that belief. Prediction team by Wall Street Journal The following year, the decline was 44 percent, compared to 28 percent in April. JPMorgan Chase CEO Jamie Dimon has upgraded his symbolic threats from a hurricane to a yes, a full-blown hurricane. Even Jerome Paul, chairman of the Federal Reserve, echoed the sentiment. In a speech to Congress last month, Paul stressed that the Central Bank was “not trying to start inflation”. He then acknowledged that an unforeseen economic downturn was “possible”. Helpful.

If you own a small business, it’s best to leave the debate to economists – you need to be prepared for the recession. Because, as coastal homeowners know to collect wood on windows and sandbags, they want to ensure the survival of your organization before the storm hits. what to do? as if Inc.We believe that the best source of advice is past founders. So we got their numbers, including the leaders who run the companies Inc.List of 2022 Best Jobs, to find out how you think not to be a statistician if the economy shrinks.

If the economy enters into a contract – announced by the Bureau of National Economic Research – many founders will fail for the first time as business owners. The last official downturn lasted from December 2007 to June 2009, and the financial crisis affected unequal small businesses. Small businesses with high credit limits and consumer sentiment are relatively low wages, but account for 62 percent of lost jobs between 2008 and 2009.

Therefore, it is important to remember that the survival of your company is important not only for your livelihood, employees and customers, but also for the economy as a whole. Small businesses account for more than 45 percent of GDP, and as conditions grow, small and new businesses will be the main fuel for rapid growth and job creation.

To ensure that you are still there for that expansion, we have compiled a list of seven precautions you can take based on our extensive experience with the founders we interviewed. If the hurricane hits the ground, you will hear about their plans.

You can’t stop changing the business cycle, but you can give yourself enough time to prepare. Greg Friedlander, CEO and Founder of All American Entertainment, listens to the most exciting sources of information and reviews current events and future prospects.

Fredlander, who started his office in Duram, North Carolina, in 2002, says: Inc.List of 2022 Best Jobs All US clients include Fortune 500 companies and universities. “If you meet regularly with your customers and ask the right questions about what you see in their business, you will get real-time insights into where they are going,” he said.

It helps to maintain the environment, from inflation to the housing market, and to pay attention to the conversations between your team, says Fredlander.

Many founders do not have the first experience of the 2008 financial crisis because they were not working at the time (the average age of a small business is less than 10 years). But Jennifer Glanville, director of cooperation and collaboration at Boston Brewery, said the brewery behind Samuel Adams should be a good replacement for the epidemic.

Glanville manages the company’s American Dream Breeding Program, which provides capital, coaching and networking to small businesses in the food and beverage industry. With two-and-a-half years of CVD-19 shutdown, supply chain disruption and manpower shortcomings, Glanville’s business partners feel ready to face the potential economic downturn. “They’re ready,” she said. “Everything that happened prepared them for the next hurdle.”

A.D. Christina Stembell, founder of Farmgirl Flowers, an online florist in Auckland, California, in 2010, plans to use the same toy. When the issue of CV-19 began to arise, she realized that the worst was yet to come. Her most important journey is to embrace conservative accounting and prioritize profit over growth.

The company has grown by 161 percent in the last two years. “We don’t have a safety net like a boot company,” she added. “While big numbers and big reports certainly look good – if not – it’s a big loss when things go awry.”

Restoration of workers will not be easy, especially in this labor market, so dismissal is your last resort, says Fredland. He saw the show industry shut down during the epidemic, and saw the largest manpower cuts by all American entertainment founders, but decided to invest heavily in building the team to dismiss anyone. “We knew things were coming back,” he said. “It was just a matter of time.”

Renewed by the sector from remote events and finally in person, Friedlander’s full-fledged, experienced workforce has become a competitive advantage. His team was able to meet his needs and he did not have to leave money on the table.

“Our competitors focused on live events and laid off 50 percent of their staff,” Fredland said. When they were ready for re-employment, those people moved to other industries or had better jobs.

“If you don’t need to raise money, don’t raise money,” says Vipis Vacanti, co-founder and CEO of YipitData, which provides alternative information and analysis for investment funds and large corporations. “Now it’s my number 1 advice for entrepreneurs.”

A.D. Vacanti, which launched the New York-based data provider in 2014 and completed a series of E funding in December, recommends that steps be taken to extend the route until conditions improve. “This is the worst time to go out and raise money.”

In any fall, customers want to reduce costs. In order not to be another line item that can be deducted from their budget, Vacanti advises founders to look for ways to make their products more relevant. “This may mean adjusting your product based on the changing environment,” he added.

As the epidemic brought instability and market volatility, YipitData accelerated its research publication from monthly to weekly. At a time when inflation is at an all-time high, the Bureau of Labor Statistics has set up its own Inflation Monitor before the launch of official CPI data.

Those pillars need urgency. “It’s a matter of the week,” says Vacantti, the company’s 2022 Best Workplace Honor. “You have to act very quickly. Your customers are going to see who will solve their new problems.”

Another important way is to strengthen existing customer relationships. In addition to pricing, Fredlander said it would be more important for customers to reduce that price.

“They’re going to close your wallet in any uncertain way,” he said. “You will not withdraw money unless it is clear that you are receiving a refund and you cannot explain that cost.”

Friedlander recommends collecting data and compiling case studies. At first, all American entertainment was skeptical of customers’ imaginary events. He said strengthening their voices with concrete numbers and examples has made it easier for people to invest in the concept.

When you need to be prepared for the impending collapse, the founders Inc. Talk to them and give them advice on how to keep their senses.

If the economy is contracted in the next 12 months, it could be one of the most viral business failures so far. A.D. In 2008 the Motorola Razr dominated the mobile phone market; MySpace boasts the most users among social media sites; Twitter was only a year old; And Facebook has yet to introduce the key to liking. The economy has experienced only a quarter of GDP growth this year, but the # downturn and # downturn have already garnered nearly 250 million views on Tikitock.

“It’s hard to watch, listen or open an app and it’s hard not to see at least a few verses about interest rates and when or when this will happen. [recession] “It starts,” says Christina Steemble, founder of Farmgirl Flowers.

Emphasize long-term decision-making, says Friedlander. “There are cycles, but everything ends,” he says. “If you focus too much on that short period of time, it will hurt you a lot in the long run when things recover.”

In the meantime, focus on what you can control. As with any interruption, approach to failure. “Value, new sources of revenue, opportunities to find new ways to offer new business routes,” says Fredland.

Despite dark economic forecasts, American dreamer Jennifer Glanville has a bright future for entrepreneurs. He predicts that the next fall – every time it comes – will generate more success stories because of one significant difference since 2008. After the epidemic, customer support is stronger than it was 14 years ago.

“In general, the United States is more concerned about small businesses and the need to support them,” Glanville said. “This is very important.”