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BUSINESS MATTERS: Recession or Not?

By Glen J. Dalakian Sr.

As the economists, politicians and newscasters banter about throwing words like “inflation” and “recession” around predicting rough days coming our way, what does this really mean to a small business owner? Some may see it as an excuse to pack it in, some may whine about it and stagger through willing to take losses hoping for better days to come, but some will do extraordinary things and reach greater heights in these difficult times. The entrepreneurs who do the latter and will reap huge rewards when the economy booms once again, as it always has throughout U.S. history.

I have always felt the best time to start a business is when the market is low and circumstances are the toughest. If a company can survive (and in many cases thrive) in a down economy, it should do extremely well in the upswing that will eventually come about. I have both started and/or managed businesses in good periods and bad, and unquestionably, I learned more in the tough times than when the market around me was soaring.

Of course, we should not put our head in the sand and hope for the best, as hope is not a strategy for business. There are risks out there, but there are still benefits to be gained. Evaluate where you are, see what is selling in your arena and what is not, and as always, be the best that you can by putting your clients first, then your employees. The rest will come, including profits. While others see a dip in their market, it may be the time for your company to rise to the top. Hard work is always essential, and when there are more obstacles ahead, a true entrepreneur needs to muscle through and grow in spite of what might be going on around them. 

Keep your focus on today with an eye on the future. One day, the economy will have its upswing again, and for those companies that survive and do well, they will be positioned to break records when the winds blow in their favor. If you are already exceeding expectations in spite of the current circumstances, count your blessings and continue to look for greater opportunities.

Will the months ahead be difficult due to circumstances beyond our control? Probably. Will many businesses falter due to rising prices, continued supply chain unpredictability and pressures from the government? Most likely. But these factors do not determine your success, unless you let them. You can survive and perhaps even thrive if you recognize the surrounding tensions and adjust your business practices to seek the victory you deserve. Perseverance is the word for today! Stay the course and reap the benefits week by week.

“Economic recession is a time that differentiates between ordinary and extraordinary firms; the former will fire while the latter will hire for it has a vision to build a sustainable business empire” -Anuj Somany

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