In this episode, Erik shares what is the best thing to do for your business to retreat or expand with the current recession.
Erik J. Olson (00:01):
With the recession looming. Should you retreat or expand what is happening? I am Erik J. Olson. Yeah, it is July the fourth. I’m in the office just for a couple hours recording, especially for you, because I love you. And I want you to hear my voice every single day of the year. So I’m in here getting caught up actually had to get caught up on email and you know what, I’m also recording. And the thing that I’m thinking about these days is the recession. So we are done with the second quarter of 2022, but at this point, it has not been announced if GDP decreased or was even or increased. But the guess is that it’s going to be a decrease, which would be two quarters in a row, which means we are technically in a recession. So in a recession, should you retreat or should you expand?
Erik J. Olson (01:01):
All right. That is the question that was asked here in the office. Now, here are my thoughts. If you have to retreat, if you have to stabilize your finance to stabilize your company, then do it, right? So just retreat it a little bit stabilize, but then it’s time to expand. You have to continuously expand your marketing, expand your market, expand the number of clients that you have, expand your revenue. The more that you expand, the more clients you can help with your services and the more people they can employ. You can be a good American. If you expand and hire more people and help your clients help more hire more people, you do that. That gets us outta the recession. And that makes you a damn good American in my book. But look for real, like, of course, yes, you always want to expand. You always, always want to expand never retreat unless you just have to in order to stabilize.
Erik J. Olson (01:56):
So keep that in mind, if we’re in a recession, which we probably are by the time this episode comes out, we’ll know whether we’re in a recession or not. I wanna say it right now. We’re in a recession. And what does that mean? I think people are going to freak out for a couple of weeks. They’re going to hunker down. They’re going to retreat. If you need to again, do it very briefly, but don’t stay in that state for very long. Get your plan together and execute. Go after the market share that is still there. Even in a recession, people are still buying. They’re just harder to find, go out there and find them.