Economists are predicting a mild recession in 2024. That means small to medium-sized businesses will have to work a little harder to stay profitable and successful. Luckily, we're breaking down three things businesses can do in 2024 to maximize opportunity and set their businesses up for 5-6 years of consecutive growth.
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Hiring a business coach? When times are lean, and people are predicting an economic downturn? Yes. Discover several reasons why investing in business coaching during lean times or an economic slowdown can pay off in the long run. The key is to build resilience because it’s the resilient companies that rebound faster. Ready to take the plunge? Keep an open mind as you wonder about your company’s long-term success.
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Every business goes through its highs and lows. But what if I told you that your highs could be even higher and that you could avoid some of your lows altogether? Whether you are just starting your company or have been leading your team for decades, your business can benefit from having accurate economic foresight in its planning. With the right data and tools at your disposal, you can take your business to much greater heights than you thought possible!
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We have been hearing a lot from our community about whether they should be buying, selling, hiring, firing, etc. Nobody is quite sure what they should be doing. First and foremost, just take a moment to breathe. Fears of a recession are broadcast all over the media, with factors like higher interest rates, inflation, and the decline of the stock market weighing heavily on everyone's minds. We teamed up with ITR Economics to get the firm's take on the economy and help people and businesses plan ahead for the future.
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Right from their rocky start in 1983 (who else starts a business with an 89-to-1 debt-to-equity ratio in the middle of a recession?), Jack Stack and the team at SRC started planning ahead. Not just for the next day, week, or month. Or even for the next year. For their entire history as a business—which has grown from a single factory into a collection of ten businesses and 1,800 associates—SRC has been planning ahead for a decade at a time.
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Back in mid-March 2020, Chris Hurley, the co-owner and CEO of Russell & Abbott Heating and Cooling in Maryville, TN, was in a dark place. The COVID-19 pandemic had begun its rampage and the country was beginning to shut down in response.
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Recessions are painful. They cause businesses to close—and billions of dollars in capital to melt away. Recessions are also about more than just a dip in economic activity. They get personal. People lose their jobs and a way to support their family. Recessions strain our social safety net and put lives at risk. The only good thing about a recession is when it ends. But there’s another ugly truth about recessions—there’s always another one right around the corner. Historically, recessions hit the U.S. economy about every 10 years or so. That means even as we struggle to get through the current recession triggered by the COVID-19 pandemic, we can also start the clock on when the next recession will hit. Recognizing that 2020 has been a heckuva year, the question becomes: What are you doing today to plan for the next recession?
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The pandemic has forced all of us—coaches, teachers, pastors, business leaders, and even parents—to walk a very narrow line. On one hand, we all need to take every action we possibly can to keep our friends, neighbors, kids, and co-workers healthy and safe even as the virus continues to surge. On the other hand, we have to find creative ways to keep society functioning—without jeopardizing the health of each other.
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