036: The Ultimate Recession Survival Guide For Small Businesses

While most of the jobs lost during the pandemic have been recovered, there's a growing concern for an impending economic recession among economists and organizations. Although the economy's future remains unclear, small businesses must prepare for the worst-case scenario.

In this week's episode, Joey and Sommer explore why recessions happen, their implications for small businesses, and a few strategies to successfully navigate an economic downturn. Tune in to find out more!

You'll also learn common mistakes small businesses make during recessions and the importance of maintaining perspective in uncertain times - all you need to know to make your business recession-proof.

Sommer and Joey also discuss stay interviews - what they are, why many small businesses fail to implement them properly, and best practices to improve retention and your workplace culture.

 

Key Takeaways 

• Intro (00:00)
• How to protect your small business from a recession (02:06)
• The one mistake small businesses make during recessions (06:27)
• Why maintaining perspective is essential (10:16)
• What is a stay interview? (13:42)
• The main reason why conducting exit interviews can be so challenging (17:50)
• Best practices to improve workplace culture and employee satisfaction (21:42)

 

Additional Resources

📰 Article in question: 

https://www.inc.com/ali-donaldson/7-tips-on-how-to-recession-proof-your-business-from-leaders-who-have-been-through-it.html

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Hosts: Joey Price and Sommer Ketron

This show is powered by Jumpstart:HR, LLC 

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