In this Episode:
Brian and Jim Barrood discuss the state of cash flow among small business owners in 2022 and what they can expect in the 2nd half of the year. Supply Chain, Inflation, Rising Interest Rates, and other issues are keeping business owners up at night as they prepare for whatever may happen on the road ahead!
Jim’s key points:
- Stay focused on cash flow and the changing dynamics regarding inflation and human resources because wages are going up. Deal appropriately with employees to keep, retain, and attract talent.
- Unfortunately, costs will continue to go up and that, combined with rising interest rates might bring a recession, which may be inevitable.
- Be agile and prepared for anything. A silver lining to the pandemic is that many businesses who have made it this far are agile and will make it for whatever transpires in the next 6, 12, and 18 months.
- Always plan for the worst. Plan for rising costs and pass on what you can. Keep monitoring your plan and update it regularly so you can plan better going forward.
- Keep customers happy and delighted! You will need them when this crisis is over.