The 3 Biggest Business Mistakes to Avoid in 2023 – Guest Post by Grant Cardone
The government might not be willing to call it… but all signs indicate we’ve entered a recession.
We’ve just experienced two consecutive quarters of negative GDP.
(Most economists agree this ^^ is the precise definition of a recession… even if the government sees things differently).
Inflation is through the roof.
Year to date, the S&P’s value has plummeted almost 20%.
Plus, countless signs that say it’s about to get ugly.
Right now, the last thing you want is to make expensive mistakes that could crush your business.
I’ve been running businesses for 40+ years. During that time, I made a lot of mistakes…
Including mistakes I made during the dotcom crash, the gulf war crisis, and the 2008 banking collapse.
But I’m happy to say I’ve always spotted my mistakes early. It’s the reason why I’ve kept my businesses profitable in ANY economy. Here's the 3 most important ones you need to look out for this year.
Mistake # 1 – Unwarranted Optimism
In a recession, most businesses contract. But certain businesses expand. Are these businesses special?
Do they possess some kind of natural immunity to recession? Of course not!
If there’s one thing I’ve learned, it’s that successful businesses are not born recession-proof.
Successful businesses become recession-proof when you make great decisions and take the right actions.
You’ve likely heard the saying: Prepare for the worst, hope for the best.
And it’s not the same as steering your business with blind faith and unwarranted optimism.
Mistake #2 – Pulling Tried & Tested Levers
It doesn’t matter if your marketing strategies generated bags of leads for you in the past… or if your sales approach has kept your profits pumping up until now…
The economy has changed.
And when economic conditions change… so must your business.
Take Polaroid, for example.
Polaroid dominated the instant camera industry for 60+ years. But, in the 1990s, digital photography took over.
What did Polaroid do?
They doubled down on selling instant-printing cameras… before filing for bankruptcy in 2001.
In a few short years, market conditions obliterated Polaroid’s tried and tested profit levers.
And this recession could do the same to you – if you don’t adapt to the new economic reality.
Mistake #3 – Scaling back
When Goldman Sachs, Facebook, and Tesla start dumping people in the recession… guess who’s going to scoop up their talent?
Cardone Enterprises, of course.
It’s because I know businesses that contract are making a huge mistake.
Harvard Business Review talks about businesses going into “short-term survival” mode.
This is when fearful business owners slice their sales targets, slash their headcount, and squeeze their suppliers.
Of course, you’ve got to weather the economic storm. But…
One day the storm will end. And when the dust settles, who do you think will thrive:
Option 1 – A business with “barely there” sales, no team, and a bunch of fed up suppliers?
Or…
Option 2 – A business that scaled their team, took care of their suppliers, and ramped up their sales targets?
My money’s on option 2.
Like I said earlier…
In previous recessions, I made all these mistakes and more. Nowadays, I know precisely what to do… and when to do it, to make my businesses “Unbreakable”.
And I want to make it easy on you to do the same.
All you have to do is join my free Unbreakable Challenge.
During this challenge, I’ll hand you the exact system I use in my businesses to survive and thrive in ANY economy.
If this is your first time navigating a crisis, my team and I are making ourselves available to you for 5 whole days.
You can join us the whole time if you need our full support.
Or… if you’re a “veteran” entrepreneur, you can join me on Day 1 – when I’ll host a rapid-fire run-through of how to make your business unbreakable.
You’ll get enough information on Day 1 to create your own Unbreakable Business.
Then, if you want to dive deeper on days 2, 3, 4, & 5… we’ll keep our doors wide open for you.
To learn more about Grant Cardone and his “Unbreakable Business Challenge,” click here.