{"id":2176,"date":"2019-11-21T12:23:56","date_gmt":"2019-11-21T17:23:56","guid":{"rendered":"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/?p=2176"},"modified":"2025-06-24T16:56:30","modified_gmt":"2025-06-24T16:56:30","slug":"managing-in-an-uncertain-economy","status":"publish","type":"post","link":"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/managing-in-an-uncertain-economy\/","title":{"rendered":"Managing in an Uncertain Economy"},"content":{"rendered":"

On November 6, members of the Sunbelt Business Advisors of Southwest Ohio team went to a talk presented by Dr. Alan Beaulieu.<\/a> The event was hosted by Barnes Dennig<\/a>, DBL Law<\/a>, and Huntington Bank<\/a>.<\/p>\n

Dr. Alan Beaulieu is one of the most well-respected economists providing economic forecasts with over 95% accuracy. You can learn more about Dr. Beaulieu\u2019s forecasts on his company\u2019s website, ITR Economics<\/a>. For now, we want to share three key pieces of advice on preparing yourself for the next recession. Over the next several newsletters, we will be building on this concept to include information on selling and buying in an uncertain economy in addition to managing in an uncertain economy.<\/p>\n

We will be seeing the steepest recession we have seen since the Great Recession in 2022 that will last into 2023. There will be a mild downturn at the beginning of 2020. So, what can you be doing now? Dr. Beaulieu explains that the slowdown is the time to do the things you have put off when you are \u201ctoo busy,\u201d to be mindful of your own rates of change, and look for the \u201cBasset Hound\u201d of your organization.<\/p>\n

When you are very busy, ask yourself: what do you wish you had more of? Do you wish you had a new piece of equipment that would reduce turnaround time or a new CRM to better manage your client relationships? Now is the time to identify these needs, and the downturn is the time to make necessary changes that will improve efficiency and productivity.<\/p>\n

The traditional mentality is that you shouldn\u2019t spend money during a slowdown. As we discussed, that isn\u2019t necessarily true, although you do need to be mindful of your own rates of change. Are the changes you are considering making going to grow your business without the infrastructures in place to sustain that growth? Can the level of growth you are suggesting withstand a recession? Are the plans you are making aimed at improving efficiency and productivity? If you haven\u2019t thought through these questions, you may want to pause before making any big decisions.<\/p>\n

Dr. Beaulieu also suggests ridding your company of any \u201cBasset Hounds.\u201d He identifies four areas they may exist:<\/strong><\/p>\n