In a recession, small businesses must adapt and implement new strategies to stay afloat. Economic observers are predicting a potential recession driven by high inflation and supply chain issues.
While no one knows how prolonged or how severe the recession will be, we know that any economic downturn significantly impacts small businesses.
In the While We Were Working Segment of the show, Sommer and I discuss an article published by Entrepreneur.com, where several experts shared their insights on the new strategies that small businesses can use to survive a recession.
Key among their recommendations was prioritizing customer satisfaction and meeting your customers where they are at. This is the time to listen to the customer and try as much as possible to accommodate them and provide a frictionless experience.
While customer experience is important, employee experience matters too. If you don't have great employees to get you through this tough time, then you'll have a really difficult time surviving a recession.
In the Consultants Corner, we answer a question from one of our listeners who wanted to know when is the right time to hire a new employee.
Knowing the right time to hire your next employee is a critical decision for any business owner. On one hand, hiring new employees can help your business grow and take on more work. On the other hand, hiring too soon can put a strain on your finances and operations.
Tune in to this episode for our expert views on these two topics!
How businesses can thrive during a recession (01:47)
Meet your customers where they’re at (05:13)
Prioritizing customer satisfaction (12:15)
Providing a frictionless experience (13:08)
Employee experience matters too (14:18)
Diversify the opportunity (17:04)
When is the right time to hire someone? 20:24)
Making financial sense of new hires (22:46)
Creating a successful internship program (30:59)
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Do you have a question that you want us to tackle on the show?
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📰 Article in question: https://www.entrepreneur.com/growing-a-business/new-strategies-to-help-small-businesses-survive-a-recession/450048
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Hosts: Joey Price & Sommer Ketron
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