PROFIT RADIO - A NETWORK OF ENTREPRENEURS FOR ENTREPRENEURS
Well yesterday the election was finalized barring last minute legal action that is improbable. The United States has a new Administration and as I said yesterday's blog post "POLITICS, ELECTIONS, AND ECONOMICS", personnel is policy. Given the announcement of who is being considered for important economic positions, we can extrapolate that policy is an extension of the Obama Administration and what a Clinton Presidency would have brought. Just like a second Trump Administration this has significant ramifications for not just the US economy but for the world.
It is our considered opinion that sometime between the end of 2020 and the 2nd Quarter of 2021 the United States will be experiencing a recession that will also effect a stagnate world economy. Today' show will review the steps WE ARE TAKING to ensure we exit the recession in better shape than we entered it.
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Objectives - The WHY
This conversation pains me but was coming. We are in the 11th year of an expansion and that puts it at the long side; the average time between between the crest of economic waves is 8 to 12 years.
The remainder of the show will focus on the actions you need to take to make your business 'antifragile'.
Key Issues - Owner Perspective:
What You Need to Know - The WHAT
Antifragile: “Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Yet, in spite of the ubiquity of the phenomenon, there is no word for the exact opposite of fragile. Let us call it antifragile. Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.” Nassem Talib
There are apparent and not so obvious implications of this model. For example, our drive to make everything lean or optimized by the reduction of redundancies tends to blow up under stress. Take JIT inventory for example. What happens when the supply chain breaks down and the only inventory you have in reserve is on the shelves and not in a back room? Exactly where several retailers found themselves a few weeks into the pandemic.
What You Need to Do - The HOW
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Make sure you leave some thoughts in the comment section below. I am interested in continuing the conversation.
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