Am I the only person reading current economic news that feels perpetually confused? I read that inflation is coming down (albeit slowly), interest rates are poised to rise slightly (but not too much) higher, employment levels continue to grow, and we are facing a recession in 2023 / 24 (or maybe not!). My guess is that at least a few of your share this confusion, which of course brings apprehension as well. Are we doing the right things, and do we even know what the right things are?
Times of uncertainty often call for us to go “back to basics,” to be sure that we are managing the small things. This could mean a careful focus on cost control, aggressive marketing efforts to develop new customers and clients, renewed efforts to simplify our purchasing and inventory management so that the right products are available at the right time, etc. These are generally the building blocks that successful businesses are built on; and they are effective actions at almost any point in your business’ life cycle.
Whether you manufacture goods or operate a veterinary practice, think about the basics that keep your business going. Now is the time to be sure that you have control of the issues that you CAN control. None of us can control the overall economy, but we can make sure that our life – and our business – is in the best possible shape to withstand the pressures of the unknown.