• 036: The Ultimate Recession Survival Guide For Small Businesses

  • Jul 27 2022
  • Length: 25 mins
  • Podcast

036: The Ultimate Recession Survival Guide For Small Businesses

  • Summary

  • While most of the jobs lost during the pandemic have been recovered, there's a growing concern for an impending economic recession among economists and organizations. Although the economy's future remains unclear, small businesses must prepare for the worst-case scenario.

    In this week's episode, Joey and Sommer explore why recessions happen, their implications for small businesses, and a few strategies to successfully navigate an economic downturn. Tune in to find out more!

    You'll also learn common mistakes small businesses make during recessions and the importance of maintaining perspective in uncertain times - all you need to know to make your business recession-proof.

    Sommer and Joey also discuss stay interviews - what they are, why many small businesses fail to implement them properly, and best practices to improve retention and your workplace culture.

     

    Key Takeaways 
    • Intro (00:00)
    • How to protect your small business from a recession (02:06)
    • The one mistake small businesses make during recessions (06:27)
    • Why maintaining perspective is essential (10:16)
    • What is a stay interview? (13:42)
    • The main reason why conducting exit interviews can be so challenging (17:50)
    • Best practices to improve workplace culture and employee satisfaction (21:42)

     

    Additional Resources

    📰 Article in question: 

    https://www.inc.com/ali-donaldson/7-tips-on-how-to-recession-proof-your-business-from-leaders-who-have-been-through-it.html

    --

    Do you need HR consulting for YOUR small business? We got you covered!

    👉 Learn more at: https://jumpstart-hr.com/

    Do you have a question that you want us to tackle on the show? 

    📧 Email us at: hello@jumpstart-hr.com

     

    Java With Joey (Monthly Small Business CEO Mastermind) - https://community.jumpstart-hr.com/offers/mwka2AyB/checkout

    👉 Join our Empowered People Leaders Community [FREE Access] - https://community.jumpstart-hr.com/offers/MwchLoyL/checkout

    👉 Join our Student and Early Stage HR Pro community - 

    https://community.jumpstart-hr.com/offers/pWTbD2Ue/checkout

     

    Hosts: Joey Price and Sommer Ketron

    This show is powered by Jumpstart:HR, LLC 

    www.Jumpstart-HR.com

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