Q I'm afraid a recession is coming. How much should I change how I run my business?
-ARTIE, LONG ISLAND, NEW YORK
REMEMBER GOLDILOCKS?
In the old fairy tale, she breaks into the three bears' house and tries all the porridge-one is too hot, one is too cold, and one is just right.
As we enter this time of uncertainty, your job is to be like Goldilocks. Don't come in too hot or too cold-which is to say, don't conduct mass layoffs, but don't continue business as usual, either. Instead, you'll want to anticipate what's most likely to occur, moderate your extreme instincts, and land on a strategy that's just right. How? Start by asking these four questions.
1/ What is your nightmare scenario?
I ran marketing for Tim Ferriss for four years, and his practice of "fear-setting" really stuck with me. As Tim explains it, this is an exercise designed to help you avoid worst-case scenarios by envisioning and planning for them.
Denne historien er fra September 2022-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 September 2022-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.