Ways Your Business Can Benefit from Economic Uncertainty

Recession is a very real part of the economic cycle. Yet, it’s one that nobody really likes to talk about. Understandably, the term conjures many negative emotions. People become fearful during periods of uncertainty in the economy. But we must think differently, as business owners.

Although your instinct may be to draw back and cut spending during economic uncertainty, this will likely prevent you from taking advantage of the opportunities it presents. Knowing how to weather a recession could put you and your business in a very advantageous position when the economy recovers.

In this episode, I look at five ways you could take advantage of the next recession. I explain how a recession fits into the normal economic cycle and how you can access more affordable advertising, vendor pricing, and more. Join me to find out how your business could benefit from a recession.

“Be fearful when others are greedy, and greedy when others are fearful.” – Warren Buffett   This week on The Financially Simple Podcast:

• What is a recession and where does it fit within the economic cycle? (01:30)
• How can business owners take advantage of the next recession? (04:00)
• Affordable advertising. (05:50)
• Search Engine Optimization (SEO). (08:14)
• Market expansion. (09:57)
• Negotiate better vendor pricing. (12:01)
• “Level up” your employees. (13:06)

Our Favorite Quotes:  “Discomfort is essential for growth... if you’re a successful business owner then pain, and suffering is familiar to you.” – Justin Goodbread

“A recession can feel like a storm coming upon us. The reality is, a wise business owner leans into that wind.” – Justin Goodbread

About The Financially Simple Podcast  If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.  

  If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/    Connect with Justin:  Financially Simple newsletter  Facebook  LinkedIn  Twitter    Subscribe Here:  Apple Podcast  Spotify  Google Podcast  iHeart Radio  Stitcher   

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Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”). 

This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.