Storm clouds on the horizon?

If you use the stock market indices as a form of economic indicator, the US economy is slowly declining. Although it is not officially a recession by the definition of two contractionary quarters, the general consensus is that the US economy is at least slowing down.

This is difficult news for most small business owners that have been able to barely navigate the massive changes that have been going on since the 2020 COVID shutdowns. Many small businesses are worried that with increasing interest rates, soaring goods prices, and a slowing consumer confidence, they might be struggling once again.

If your company or firm has been struggling along, perhaps a reshuffling is in order? Have you been able to take advantage of constant customers and clients? Perhaps there is a shift in marketing that you might need to take? Is it the time to refinance an outstanding loan? All of these questions should be asked at least once during times of uncertainty.

As it has been said, an untrimmed tree has more branches fall in a storm, and many people will unfortunately need to batten down the hatches while we ride through the storm together. There’s storm clouds on the horizon, and now is the time to prepare.