53 - How Your Business Can Survive a Downturn

In this episode, we are tackling the challenging issue of declining revenue and sales. Drawing from real-life experiences and observing the recent closure of major Canadian retailers, I am sharing actionable strategies for small business owners. 

Key points include understanding your financials, engaging with your team and customers, analyzing shifts in buyer behavior, and optimizing existing products rather than jumping to new ones. When times are tough, the importance of community support, timely feedback, and proactive measures are integral to getting through i

00:29 When Revenue is Down

02:04 Lessons from a Favorite Company

03:10 Understanding Your Financials

04:40 Common Reactions to Revenue Decline

06:52 Analyzing Buyer Behavior

17:34 Learning from Successful Companies

21:13 Summary and Final Thoughts

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