328: Rocky Road in 2023?

Reports and analysts are saying 2023 is not shaping up to be a good year for the global economy. Monetary policy and interest rates are slowing the economy down, and most suggest a recession is in the work in the next 12 months. How do we digest this data and apply it to your business? What does this mean for the pet services industry? We break down several key questions for you to think through in your business. We also address the very real need for a support network and the psychological toll a recession takes on small business owners.

Main topics:

Create a pricing spread
Monitor your debt levels
Strengthen your team
Watch your mental health

Main takeaway: Preparing for a recession is more than just focusing on your business and fundamentals, it's about building a support network and keeping track of your mental health.

Links:

Handling inflation:https://www.petsitterconfessional.com/episodes/292

Uncertainty: https://www.petsitterconfessional.com/episodes/266

NAPPS sign-up: https://petsitters.org/page/EventsTab

Recession in 12 months? https://www.bloomberg.com/news/articles/2022-10-17/forecast-for-us-recession-within-year-hits-100-in-blow-to-biden

25 year low mortgages: https://www.mortgagenewsdaily.com/news/10192022-mortgage-application-volume

Job losses on the horizon: https://www.beckershospitalreview.com/finance/economists-expect-recession-job-losses-by-2023.html

Recession and mental health: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4880023/?utm_source=fbia and https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4741013/

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Full show notes and transcript