The winds are changing, something’s coming, not sure exactly what just yet but let’s talk it out and see what we can do. I’m also trying to make a general statement about how shop owners seem to be doing really well right now and are maybe just a bit too big for their britches at this point.
1. As we're more successful and get a little fat and happy our expenses "creep" take a look at your expenses and get rid of "wants" and only keep the "needs".
2. Stop being distracted and focus on what got you through covid! All processes and procedures need to be scrutinized, improved and followed and you need to hold your employees accountable.
3. Credit.............I think the biggest issue will be people running out of money. We will have to have ways for customers to be able to pay us when all of their other ways have been exhausted.
4. We have to be prepared to do things in new and inventive ways, don't get stuck in the: I've always done it this way!
5. Pay attention to the world around you:
6. Pay Off Existing Debt
7. Understand Your Numbers
8. Expand Your Customer Base
9. Cut Expenses
10. Set Aside Money
11. Manage Inventory
12. Diversify Your Marketing Channels
13. Establish a success attitude!
14. How do you Think About Credit?
Preparation Is Key!
Preparation is the key to surviving a recession. Focus on these ways to ready your business for uncertain financial times. You want to employ strategies that will land you on top and allow your business to continue growing even during the most challenging economic periods.
I’m challenging you to be a gorilla in a world of Monkees…………time to rise and grind everyone!!
Coach Chris Cotton
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