Almost every business person
is predicting a recession
in the U.S,,
either in 2019 or 2020.
Some business people
are saying it will be a deep one.
Although that is a year or two away,
I’m a small business owner.
My business profits pay
for my personal expenses.
If I don’t prepare for a recession now,
I will be forced to find
other sources of funds
simply to put food on the table.
What am I doing now?
As my farming granddad would often say,
I’m ‘making hay while the sun shines.’
I’m maximizing my income
now
while the economy is good
and my customers are spending freely.
I’m choosing profit
over growth.
I’m releasing books (new products)
now
rather than later.
I’m keeping prices
at a healthy profitable level,
knowing I might have to lower them later
to appeal to cash-strapped readers (customers).
I’m stockpiling the extra cash
for the leaner future.
I’m also decreasing non-sales-producing
monthly expenses.
This is not the time
to move into fancy new office space.
It is not the time
for a vanity-driven fancy rebranding.
If it doesn’t increase profits,
I’m delaying it.
I’m not signing
any long term deals.
I don’t know if I can afford them
and the price of whatever
I’m negotiating
will likely drop later.
These are some of the things
I’m doing NOW.
The recession is coming.
Prepare for it.