I have a monthly call with 2 international business friends where we share our work and mentor each other. Last week, one of them asked how we felt and what we planned for possible recession.
Decide for Impact coach Erno Hannink studies the stoic philosophy and says not to worry about this kind of issue. Focus on what you can control, including your own skills and your own business. Also, don’t over-monitor the news.
I said that I tend to think less about recession and more about my exposure to risks. Look at your income streams and decide which ones may be affected by the risks of a possible recession. Take any action you need to better protect your income or assets.
Business and marketing mentor Stephanie Ward said especially in difficult times, we should all stay connected. Reach out to your network of people. Make introductions and help others. Pay it forward.
As a group, we felt “stay the course” was the best advice for us. Know your goals and strategies. Keep working your plan.
What are you feeling, and what practical steps are you taking?
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Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.