WHAT TO DO IF... the recession shows up late for dinner
You know the recession we dodged last year? Well, some experts think it may just be tardy. Matt Higgins, an executive fellow at Harvard Business School and co-founder of RSE Ventures, believes all that boisterous consumer spending was propped up on "the contrails of federal stimulus money from the pandemic"-and it's about to run out. At the very least, many researchers forecast a slowdown.
If you'll need funding this year, Higgins suggests raising it now, even with unfavorable terms-because they may only get worse in six months. It's also an essential time to be building for profitability, says Jay Steinfeld, author of Lead from the Core: The 4 Principles for Profit and Prosperity. "What is wrong with growing 10% a year? You're in control of your destiny."
Beyond that, your "bridging" skills are more critical than ever, says Linda A. Hill, a professor of business administration at Harvard Business School and faculty chair of the Leadership Initiative. Sharing talent, technology, and customer acquisition by teaming up with competitors or other players in your space is a great way to cut costs. "If you're a meal-kit brand, for instance," says Steinfeld, "include coupons for other companies in your boxes and they can do the same for you." Most importantly, if there is a recession, don't give up. "Just get through 2024," says Higgins. "Recessions tend to spark a new era of tremendous innovation and high growth."
WHAT TO DO IF... your Gen Z employees quit on you
Retaining talent will be a beast. You're dealing with five generations in one workforce, and the youngest workers want to know where their employers stand on the issues of the day whether it's climate change, racial equity, or LGBTQ rights.
Denne historien er fra January - February 2024-utgaven av Entrepreneur US.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January - February 2024-utgaven av Entrepreneur US.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
The Better Way to Fail
The next time something you do flops, here's a new way to learn from it.
Making the Midlife Leap
After getting laid off in her early 50s, Keri Gardner decided she wanted to control her own fate-so she bought a franchise with her 401(k).
A Quick Guide to Franchise Ownership Costs
Franchising costs money. Here's what everything means.
This Doughnut Franchise Is Hitting the Road
To grow, DonutNV needed a steady supply of delivery trailers. So last year, it started making them itself.
3 Steps to Find Your Perfect Franchise
There are many brands out there. Finding the right one is up to you.
This Fencing Franchise Is Ready for Growth
Superior Fence & Rail nearly doubled its sales in one year. How? By stepping back and focusing on fundamentals.
What Are a Franchisee's Role and Responsibilities?
If you're going to be a franchisee, you should know exactly what's expected of you.
This Dog-Training Franchise Is Zooming Ahead
After a rough few years, Zoom Room made major changes...and has emerged as a stronger, faster, very well-behaved business.
What's the Real Damage?
Most clean-up companies just fix messes, like fire or flood damage. But 911 Restoration's new CEO saw an opportunity to help with the other emergency they often encounter: customers' emotional trauma.
Mental Health Services, Franchised
The U.S. is facing a growing mental health crisis. Ellie Mental Health wants to be the solution.