Well, I'm no economist. And I certainly don't follow the specific definitions used by professionals in determining the difference between a recession or a slowdown. But this much I do know. We business owners need to have a strategy in place to deal with slow downs in the economy. That's going to be our topic on Daily Essentials for Business Success this week.
We're going to cover this topic in three ways. One is to suggest some defensive things to do. The second is to consider some proactive things to do. And the third is to talk about the outlook and attitude the owner must maintain during good times and bad. So let's get started.
There's no question that our economy has always and will always go through different swings. When things are rosy, it's easy to sit back and think it will last forever. It won't. Likewise, when things are rough, it's easy to think they will never improve. They will. Slowdowns like we're experiencing now have occurred throughout our history. Our job as owners is to manage through this period.
Tomorrow: Being defensive during a recession. Visit amazon.com or area book stores for a copy of Business Success Secrets and use it as a guide in building your company. This is Don Kornblet.
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