In this article I will discuss the growing fears of a recession and what you can do to help prevent your business from struggling or failing. From some very simple tips to ideas I have gleaned from some top businessmen and mentors, if you are worried, this is worth the read.
Recession. I have been thinking about this one a good bit lately, and it comes with some heavy truths and some bright sides. So can a small business that focuses on crafts like wooden flags, cutting boards, ear rings, customized tees or an number of other crafts survive a recession?
Simple truth. YES. But, it won’t be that easy, and if you think about it there is even room for growth. You need to ask yourself about things like, “is my business model defined and sustainable?” And, “Am I willing to make the best decisions for the sake of my business?” These questions and concepts could make the difference between thriving, surviving or failing. So, keep reading and I will walk you through a some real advice that could really make the difference.
The best models and predictors can’t really tell you yes or no, but yes. See part of the problem we have in 2023 that we didn’t in 1910 is the freedom of with information moves and how volotile it can be. Because the stock markets would take a significant plunge as soon as someone like President Biden or Elon Musk said “we ARE in a RECESSION,” they can’t say it.
So, some conflicting information. Bottom line from a guy that has been around a little while, the dollar is down (and losing ground) and inflation is higher than I have ever seen it.
Wikipedia defines a Recession as, “in economics, a recession is a business cycle contraction that occurs when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster (e.g. a pandemic).
In the United States, a recession is defined as “a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.” The European Union has adopted a similar definition.In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters.”
Absolutely NOT! What happens when there is a forest fire? The old growth, debris and sick plants die AND this allows for tremendous GROWTH of new life!!! Taking the analogy a step further, the fire that burns all the old, actually activates pine cones to release seeds. Cool story, but that’s not why we are here.
For real. If you are smart about your business, and start now, you should have no problem “weathering the storm” and possibly will come out ahead. The following suggestions are really the best tips I have accumulated from my mentors group and experiance.
Next, when we talk about recessions enviably you ask yourself, well what can I do to prevent my business from going under? So absolutely you have a few steps that you can take now in a craft/cnc/laser business that will help your business later.
Benefits to a recession, again, absolutely. Like I said beforewhen things get difficult like in that forest fire, you will have new oppurtunity and growth. Here’s how:
Some final thoughts about surviving and maybe even thriving in a recession.
You do so with intentionalality. Do so with hard work and out thinking the businesses around you. Make your plans now, hunker down now, make a Small Business Plan & Road Map, meet Interior Designers, do it all now. Your business can be reactionary to your situation and put out fires all day, or you can plan to be the pine cone that springs to life when the recession hits.
Have a great one & good luck in the coming year!
Hill Country CNC & Woodwork
Hill Country CNC & Woodworking is an affiliate marketing business, but it is one with ethics and morals. We only promote the items that we use in our daily business. Let’s help each other! I will give you my experience (and discounts sometimes) and you can help me grow.
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