Many organizations in the financial publishing industry have seen a 40% decline in top-line revenue year over year.
Some larger companies have had to make significant layoffs and drastically cut other costs.
With the S&P 500 down 20% this year, rising inflation, and political uncertainty, my industry is on the defensive this year.
Some companies are lucky to only observe a 10 to 20% decrease in revenue. if your profit margins aren’t as good as they usually are and you haven’t had to cut costs much up until now.
However, it is not business as usual at any company in any industry, as a matter of fact.
It is wartime. Many of the CEOs advising to
- Stay focused on the key elements of your business.
- Maybe not embarking on a slew of new ventures makes more sense right now.
- Not attempting to expand into other categories.
- Meanwhile, not running a lot of test ads to find new marketing channels.
- Do not have ambitious hiring intentions for 2023.
- Stay committed to your present non-profit efforts and collaborations, but avoid the desire to develop new ones.
- Don’t go to all of the business networking and community events you usually go to.
- Avoid a bunch of coffee or lunch meetings that aren’t related to anything.
Right now, your focus should revolve around friends, family, and your core business. That’s fine.
Many startups have already seen the impact of the 2022 economic slump, but the hard reality of inflation and rising interest rates will affect everyone as they work their way through the economy. Many firms will have a difficult year in 2023.
The final recommendation
is to start playing defense, cut spending wherever possible, and save money to weather the storm. Don’t let other people’s priorities distract you. Weekly review of your important company metrics Fasten your seatbelts! It’s going to be an exciting ride.