So the “R” word’s been popping up more and more lately…
I’ll be honest – I don’t know if we’re already in a recession…or if one is even going to happen.
But here’s what I do know…
Entrepreneurs can make some funny decisions when they get scared.
Decisions that lead to costly mistakes or even…the death of their business.
That’s why I want to share the three most common mistakes I see entrepreneurs make when they’re scared:
- Scaling back on marketing efforts: This one’s huge. When the economy gets squirrely and consumers cut back on spending, you’ve gotta do even more marketing. Bonus: your competitors probably won’t follow this advice…which will open up even more opportunities for you to scoop up customers.
- Playing it safe: It’s tempting to scale back, hunker down and avoid risks during a recession – but doing so is a risk of its own. In changing economic climates, it’s more important than ever to test, innovate and create new offers/products.
- Lock up your cash: Yes, you should keep a war chest of cash in case of emergencies – but don’t be afraid to make drastic investments into your business. Adding new team members, investing in new technology or hiring a coach are all things that could make or break your businesses success in lean times.
Whatever 2023 has in store, we business owners can not let fear get the best of us.