Wondering about what to expect with the economy? While Bradley isn’t an expert on recessions, he has recently implemented a pivot that will help any business owner survive an economic downturn. Watch the quick training or keep reading to see how you can do the same!

image of graph showing an economic recession

Do You Follow The News?

A lot of people at some point recognize the economy’s natural cycle, and how a bear market comes and goes. I’ve seen all the headlines just like you, but I thought to myself, “what do I do with this information?” But I don’t do anything. Recently, some of my business friends suggested I keep up with the news so that I know what’s going on. However, I like to focus on what I can control vs. all of the crazy headlines.

woman looking at computer with coffee in her hands

It’s Time To Pivot

So what do I actually find helpful in preparing for the recession? It’s the pivot. You need to target more affluent people rather than the entry level people, because recessions don’t impact the wealthy nearly as much. Depending on your business, you may need to look “up market” in your clientele.  Look at the demographics of the people in your industry. For example, if you sell insurance, you may look at those who own vs. those who rent, because a premium increase won’t impact someone who makes $300k per year vs. those who make $30k per year.