It’s official. Our Gross Domestic Product (GDP) contracted once again last quarter by .9%. Since our economy went down in the first quarter of this year by 1.6%, the two consecutive quarters of reduction fit the classical definition.
That’s right. We’re officially in a recession.
I take no pleasure or joy in the fact that I made this prediction months ago. Recessions are hellish; not a good time for anyone on a Saturday night.
You’re not going to hear any high ranking member of our government actually use the “R” word, which isn’t a bad thing. Our markets are already in a panic. No one needs to make it worse.
But the simple fact remains that as entrepreneurs, we need to lead our businesses in a different way. The only easy day was yesterday.
1 – We need to be order-getters rather than order-takers.
2 – We need to watch our numbers like a hawk.
3 – We can’t be afraid to raise our prices or cut fat.
4 – We need to be cash-rich rather than cash-poor.
5 – We need to look to the future and design our products and services to accommodate this new reality.
This changes everything.
We’re doing a webinar on August 9th, 2022 at 2:00 pm (CST) on “How To Get Your Company Through A Bad Economy”. It will cover issues like Inflation, the Difficult Hiring Market, Supply Issues, and Replacing Clients.
You may register for this webinar by going to the following web address.
Space is limited. As you might assume, this is a hot topic. Please register today.
Let me leave you with this.
My wife, my daughter, and I recently attended the memorial service for our friend and client “Robert” who recently took his own life. It was held at a northside church that was filled to overflowing.
There were at least 200 friends and family in attendance. As they did the remembrances of his life, there were a couple of thoughts that I just couldn’t shake.
First was the fact that there were so many of us there. He had a support system that many don’t possess. Why couldn’t he have told one of us that he was in that sort of pain so we could help?
Again, if you’re in any way having these sorts of thoughts, please seek help now. At least confide your circumstance to someone who can do what is necessary to get you the help you need.
There’s no shame in asking for help. Hiding the hurt does nothing for anyone.
Second was the finality of it all. Rob was only 48 years old and had devoted his life to helping other veterans like himself make the transition to civilian life. In other words, he lived to serve.
Last weekend we lost a member of our tribe. A Brother who could have done so much to make this world a better place.
This is the job of the Entrepreneur. It’s our creed, our calling, our reason for being.
In my early years as an entrepreneur, I’d set up several businesses that were only about the money, and they failed. They failed miserably because I had not yet learned that simple, all-encompassing truth.
For our’s is a life of three simple things; Service, Service, and Service.
As I sat there listening to the eulogy I thought of all the businesses that could have been, all the people who remained unserved, and all of the ways this young entrepreneur could have helped make our world better. I thought of the possibilities.
Sometimes I close my eyes, in order to see.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Employee Retention Credits, M&A Due Diligence, Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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