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53 - How Your Business Can Survive a Downturn
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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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