Welcome to a new episode of Business Lunch! In this episode, hosts Roland Frasier and Ryan Deiss discuss essential strategies for businesses to not just survive but thrive during economic downturns. They cover topics such as diversifying revenue streams, reducing debt, leveraging AI, and much more to ensure your business remains resilient and profitable.
Highlights:
“Investing in technology can cut costs and boost efficiency.”
“Strengthen your customer relationships; they’re your most valuable asset.”
“Always be upskilling your employees to enhance their value.”
TIMESTAMPS
- 00:00 – Diversifying Revenue Streams: The Smart Way
- 01:17 – Introduction and Current Business Climate
- 02:28 – Economic Shifts and Business Adjustments
- 05:00 – Indicators of Economic Recession
- 06:14 – Building Cash Reserves for Stability
- 08:08 – Reducing Debt to Free Up Cash Flow
- 10:14 – Reassessing and Prioritizing Expenses
- 17:11 – Leveraging AI for Cost Reduction
- 18:54 – Upskilling Employees for Greater Efficiency
- 27:41 – Acquisitions as Growth Opportunities
