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 i00:29 When Revenue is Down02:04 Lessons from a Favorite Company03:10 Understanding Your Financials04:40 Common Reactions to Revenue Decline06:52 Analyzing Buyer Behavior17:34 Learning from Successful Companies21:13 Summary and Final ThoughtsJoin the Newsletter Community  Work with Kari: Anchored Leadership AcademyPrivate Business and Leadership CoachingContact Kari Lotzien | Be the Anchor: Website: BeTheAnchor.caFacebook: BeTheAnchorLtdInstagram: BeTheAnchor.caLinked In: Kari Lotzien Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.