Protect Your Business from Recession by Fixing Your Partnership

Email of the week:

Chris, there's a lot of tension in our partnership. I'm worried about recessionand think we should be careful about spending. My partner wants to expand now. What do you advise?

Is Recession Coming? Yes.

Let me start by saying that I believe recession is coming. I predicted the 2008 recession. I also put out strong warnings months ago for the recession that is coming soon. So, yes, I believe there is a dangerous recession right around the corner. 

Of even greater concern to me is the state of global politics. Tensions are rising all over the globe. The U.S. and China are in a nasty trade dispute. China is facing a serious challenge in Hong Kong. Britain is pulling out of the EU in a nasty way. India and Pakistan are at each other over Kashmir. Iran is seizing ships. Venezuela is in chaos. Anti-American sentiment is rising in Mexico. The world is in a fragile state. The powder is dry and we must be careful of a spark that could cause a major explosion.

Should You Expand Your Business or Not?

That depends on the business. If the economy gets tough, will more people come to your business? Remember, people seek necessities and bargains when money is tight. Do you offer an essential service or product or something that can wait? That's the biggest deciding factor.

Fix Your Partnership NOW

Before you make decisions about expansion or cuts in the business, get your partnership in order. When business partners feud, it hurts the business. When business partners get on the same page and work together, the enterprise has a much higher chance of surviving a major downturn in the economy.

Talk. Patch up your differences and then set measurable goals together. If you can't do that, get an expert to help you talk through the problems and help you set those goals.

If you do that, the rewards will be huge.

"A recession IS coming. The best thing you can do to protect your business is to strengthen your business partnership."