Talking to 30+ CEO’s each month, in a variety of industries gives me a particular view of the economy that doesn’t always correlate with the national press. Often described as Main Street, not Wall Street, the best poll that aggregates their feelings is the Vistage/Wall Street Journal poll that many of my Members participate in. My descriptor of what they are saying is” It’s squirrelly out there”.

Those who did unexpectedly well during the pandemic, folks in furniture, e-commerce, supply chain, those who pivoted to products in short supply like face masks – their sales have dropped this year and they are working hard to stay profitable at whatever they sell.

The businesses in travel, hospitality or event planning are booming now if they survived and struggle for talent since they had to lay off so many of their good folks. Meanwhile, everyone else  is searching for more good team members, too.

SO what should you do? Focus on the basics. Don’t stand still, but don’t go off in a new direction without a lot of planning. Does your 3 year plan stand up to current and possible circumstances? When is the last time you did a swot analysis* with your team?  Don’t forget that they are being solicited every day by your competitors. Should you be paranoid? Maybe, maybe not, but have a forward thinking plan that could reasonably drive success and grow them as a team in the process.

Right now, private equity is staying on the sidelines, so if you are thinking of selling, start getting ready to go to market in early 2024. Expect, at best, that it will take 9-12 months to close a transaction. Be careful what you wish for.

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*strengths, weaknesses, opportunities and threats

Image courtesy of yourfinancialhealthmatters/