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Everyone in America wants to know if the country is headed for an economic recession. Though no one can say for sure, a recent Bankrate survey reported a 64% chance of it happening in 2023.
“We expect a recession in 2023, and while incoming data for the first quarter have shown a resilient economy thus far, there have been signs of slowing activity,” Mike Fratantoni, chief economist at The Mortgage Bankers Association, told Bankrate. “Coupled with the likelihood of tighter financial conditions brought about by developments in the banking sector, economic activity will likely slow sharply over the next few quarters.”
Whether or not a recession is imminent, taking steps to safeguard your business is a wise move either way. To help you face the future without fear, contact Impact Utah to make your business recession-proof.
Improve your margins through operational excellence
Successful business leaders know that there are always ways to improve. Tightening up your operations is one way to do this. Look for opportunities to make reductions. Work hard to retain good employees — and possibly let go of some you don’t need. Reduce costs where possible.
If you’re not sure where you stand in terms of operational excellence, Impact Utah offers a free assessment tool to help you gauge your strengths and weaknesses.
Learn critical cash management strategies
Perhaps the most important thing you can learn in business is how to manage cash flow in any economy. Start by clearing up your balance sheet and examining your three main areas of cash flow: accounts receivable, accounts payable and inventory.
Be sure to collect receivables on time. If you require payment within 30 days, stick to that agreement. On the flip side, make sure you’re not making payments faster than necessary. If payment terms are between 30 and 60 days, you can push that out to the full 60 if your cash flow situation warrants it.
When it comes to inventory, maintain appropriate levels. You may need to look at items that aren’t selling as quickly as other items and do whatever you need to do to keep things moving.
Grow your revenue
There are two main ways to grow your revenue: effective marketing and increased sales.
First, don’t discount the value of recession-proof marketing. Successful companies such as Venmo, NerdWallet, Uber, Groupon and WhatsApp each got their start during the Great Recession. If you can communicate a unique need or pain point that your product or service addresses, people will likely be willing to pay for it.
Win Jeanfreau, executive director of Impact Utah, outlines several different questions you should be asking yourself to market your business more effectively. These include:
- What problem are you solving?
- How is your solution unique?
- What is your value proposition?
- How will you create awareness of your product/solution?
- How will you get consumers to purchase your product?
- How do you facilitate a purchase and a repeat purchase?
- How will you get customers to refer you to others?
For the full list of effective marketing questions, check out Impact Utah’s webinar on recession-proof marketing.
Also, when it comes to increasing revenue, don’t be afraid to increase prices if necessary.
“Every dollar increase in price is a dollar increase in your profitability,” Rick Papworth, Impact Utah’s managing director of finance, says.
Develop skills and master tools to lead your company through a recession and beyond
Just as a car relies on an engine to keep it running, your business has an engine that requires consistent maintenance. Specifically, Papworth says there are six areas that need to be aligned well for things to run smoothly: strategy, structure, people, work methods, lateral processes and metrics.
Without a clear strategy, you have confusion. If your structure isn’t aligned with your strategy, that creates friction. People who aren’t enabled and empowered aren’t likely to perform well.
Without standards on how to produce products, you’ll have variance. When you leave coordinating processes to chance, you get gridlock. And if your metrics and rewards don’t support your goals, you’ll have disengagement. You get the picture.
To develop the skills and tools you need to lead your company effectively, visit impactutah.org for more information.
Get the help you need
If a recession is in the not-too-distant future, there’s nothing you can do to stop it. But there’s a lot you can do to prepare for it.
Fortunately, you don’t have to try to figure things out on your own. Impact Utah can help you navigate your way through any economic climate. With full-service training, consultation services and a successful track record, you can trust Impact Utah to be a safe harbor and valuable resource. Visit impactutah.org today to learn more.
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This article originally appeared on Business Insider.
“Jeopardy!” champion Buzzy Cohen hosts a new podcast called “This is Jeopardy!” about the history of the iconic game show.
Buzzy Cohen on the set of “Jeopardy!” Jeopardy Productions Inc
Buzzy Cohen, a music executive from Los Angeles, won $164,603 in a nine-day streak on “Jeopardy!” in 2016, then won the 2017 Tournament of Champions. He returned to the Tournament of Champions in 2021, this time as a guest host.
Now, he’s the host of a new podcast exploring the show’s history and enduring success: “This is Jeopardy!…The Story of America’s Favorite Quiz Show.” Produced by Sony Music Entertainment in partnership with Sony Pictures Television, the first episode premieres April 26.
“In the podcast, we’re really looking at how we got to this point where ‘Jeopardy!’ is an institution, not just a game show, not just a quiz show,” he told Insider. “There’s something for the ‘Jeopardy!’ fans, but also for people who are just interested in American culture and entertainment.”
Cohen also shared behind-the-scenes insights from his time on the show that viewers at home don’t get to see.
“Jeopardy!” tapes five shows — an entire week’s worth — every day.
Buzzy Cohen competes on “Jeopardy!” Jeopardy Productions Inc.
“Jeopardy!” winners change outfits between tapings to give the appearance of competing on a different day, when in fact shows are taped one after another.
Cohen, who played 10 consecutive games in two back-to-back taping days, said he didn’t anticipate just how “exhausting” the schedule would be.
“That is certainly something that I think people are surprised by,” he said. “It really makes the fact that people can go on these long runs even more impressive because it’s endurance as well as mental and physical stamina.”
The host of “Jeopardy!” doesn’t have much screen time, but is busy during every moment of the show.
Alex Trebek hosted “Jeopardy!” from 1984 until his death in 2020. Eric McCandless/ABC via Getty Images via Business Insider.
“Jeopardy!” hosts wear an earpiece to communicate with producers as they juggle many tasks that aren’t visible to viewers at home.
“What’s kind of surprising is how little you’re maybe on-screen, but you are reading the clue, calling a contestant, making a ruling, asking them to select,” Cohen said. “Whereas if you’re a contestant and someone else has a daily double, you’re kind of like, ‘Okay, take a breath, I’m going to regroup here.’ But if you’re the host, you’re in all of those moments.”
In addition to running the gameplay, Cohen says bringing the enthusiasm that keeps “Jeopardy!” fans tuning in is also a crucial job for the host.
“If you’re not interested in the material you’re reading, it’s going to come across to the people viewing it at home,” he said. “Really staying in it and really being committed to it was something that Alex Trebek made look so easy, and I think is not as easy as it looks.”
A man named Michael Harris manually controls the “Jeopardy!” buzzer.
Ken Jennings holds the “Jeopardy!” buzzer. Getty Images via BI
Harris, who is also a researcher on the show, sits at the judges’ table offscreen. When the host finishes reading a clue, Harris flips a switch and enables the buzzers. If contestants buzz in before the host has finished reading the clue, they’re locked out for a quarter of a second, making buzzer timing a key strategy to winning the game, The Ringer’s Claire McNear reported.
“This is Jeopardy!…The Story of America’s Favorite Quiz Show” devotes an entire episode to the buzzer.
“We talk about the contestant point of view,” Cohen said. “There are contestant buzzer experts. There’s a guy who we interviewed who’s written a book on the buzzer. He does buzzer workshops at trivia events. And then we also talk to Michael Harris, who enables the buzzer, and we talk about the rule that made the buzzer what it is today.”
Occasionally, production pauses for rulings by the show’s judges.
The “Jeopardy!” board. Eric McCandless via Getty Images via BI
Sometimes, a contestant will provide an answer that requires further deliberation, such as questionable pronunciation.
“There’s a lot of traffic control stuff that good hosts make look easy,” Cohen said. “I practiced a lot to make it as easy as possible, but you don’t really think about it when you’re just watching the show.”
The “Jeopardy!” alumni community is a close-knit group.
From left to right: “Jeopardy!” champions James Holzhauer, Ken Jennings, and Brad Rutter. Eric McCandless via Getty Images via BI
Nicknamed “Mr. Personality” by Alex Trebek, Cohen became known as a polarizing figure on the show for his tongue-in-cheek “Final Jeopardy!” answers referencing “SNL” skits. Other “Jeopardy!” contestants, such as 2018 Teen Tournament champion Claire Sattler and 40-game champion Amy Schneider, have spoken out about experiencing online harassment after their appearances on “Jeopardy!”
Thankfully, Cohen says, the “Jeopardy!” alumni community is there for each other.
“The folks at ‘Jeopardy!’ really want the fans to respect the contestants,” Cohen said. “I’m glad this show is taking more of a forward approach, and I also love when my fellow contestants can jump in and kind of assemble the ‘Jeopardy!’ alum avengers to support our fellow contestants.”
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