328: Rocky Road in 2023?
Episode description
Reports and analysts are saying 2023 is not shaping up to be a good year for the global economy. Monetary policy and interest rates are slowing the economy down, and most suggest a recession is in the work in the next 12 months. How do we digest this data and apply it to your business? What does this mean for the pet services industry? We break down several key questions for you to think through in your business. We also address the very real need for a support network and the psychological toll a recession takes on small business owners.
Main topics:
- Create a pricing spread
- Monitor your debt levels
- Strengthen your team
- Watch your mental health
Main takeaway: Preparing for a recession is more than just focusing on your business and fundamentals, it's about building a support network and keeping track of your mental health.
Links:
Handling inflation:https://www.petsitterconfessional.com/episodes/292
Uncertainty: https://www.petsitterconfessional.com/episodes/266
NAPPS sign-up: https://petsitters.org/page/EventsTab
Recession in 12 months? https://www.bloomberg.com/news/articles/2022-10-17/forecast-for-us-recession-within-year-hits-100-in-blow-to-biden
25 year low mortgages: https://www.mortgagenewsdaily.com/news/10192022-mortgage-application-volume
Job losses on the horizon: https://www.beckershospitalreview.com/finance/economists-expect-recession-job-losses-by-2023.html
Recession and mental health: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4880023/?utm_source=fbia and https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4741013/
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Full show notes and transcript
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