Interest rates are climbing — secure cash flow with these options.

Enquiring minds want to know: Is your business feeling the impact of inflation (and the possible recession)? What are you doing to mitigate the squeeze? We’ll publish your ideas and actions in a future feature.

In this week’s edition:

• See which SMB industries will be hardest hit by a recession.
• Pump up your cash flow with these SMB grants and loans.
• No, you’re not imagining it. OOO requests are on the rise.

DREAM TEAM

An all-star lineup you don’t want to miss (psst… it’s free)

Holy schnikes — have you seen the lineup for Playbook 2022? We think it’s time for a speaker roll call:

• Allyson and Wes Felix, track athletes and owners of Saysh.
• Caitlin Crosby, founder of The Giving Keys. 
• Mikita Mikado, CEO of PandaDoc.
• Mignon Francois, founder of The Cupcake Collection.
• Lisa Barnett, president of Little Spoon.
• Seth Godin, best-selling author and marketing hall of famer, plus… 
• More speakers to come!

It’s all happening September 21-22.

The best in the SMBiz coming together to drop winning plays, nuggets of wisdom, and indispensable advice for scaling your company — and guess what? It’s completely FREE. 

All you have to do is save your spot today.

Register here.

CLASS IS IN (RE)CESSION

How likely is your SMB to be impacted by a recession? Let’s find out.

Well, are we in a recession or not?
Officially? No. Even though we’ve seen two back-to-back quarters of economic contraction, the National Bureau of Economic Research (NBER) isn’t ready to call it — yet.

It’s looking dicey, though.
No doubt. And if we learned anything from our days with the Scouts, it’s that we should always be prepared (those knots have come in pretty clutch, too).

Of course, some industries fare better than others during a recession, and even those that aren’t traditionally resilient can survive. Let’s take a look at which industries may take the hardest hit and which ones will likely thrive.

• Healthcare. Conventional wisdom has long held that the healthcare industry is “recession proof,” since nobody’s cutting back on staying healthy — even when times are bad. However, as companies feel a pinch, one of the first places they look to cut costs is in employee healthcare. And as people lose jobs and the health insurance that comes with them, they’ll be less likely to seek treatment. ‍
• Real estate. The housing market is often the hardest hit by a recession. From an equity perspective, financial analysts say this recession shouldn’t be as bad as 2008 because of the lingering demand for homes. That means even if prices go down, they won’t crash because there isn’t the abundance of inventory there was 14 years ago.

👉 See where your industry falls.

LET IT FLOW… LET IT FLOW

Interest rates got you down? Check out these SMB loan options.

Having cash on hand sounds like a good idea.
Supply chain disruptions, labor shortages, high inflation — these warning signs are popping up everywhere we look, and SMB owners should be prepared for worst-case scenarios. Having a strong cash flow can help cover unexpected expenses and certainly help ease your mind.

It feels like there’s a “but” coming.
One of the many downsides of inflation: rising interest rates. The Federal Reserve recently hiked interest rates to a range of 2.25% to 2.5%, with more increases potentially on their way. Meaning that you can’t afford to waffle about your financing options.

So, what are my options?
Going after traditional bank loans is a possibility, but the process can be challenging and worse — time-consuming. Thankfully, as a small business owner, you’ve got other options available:

• Regional and community banks. These smaller banks are a good source for SBA 7(a) loans and have a good track record of approving loans for small businesses.‍
• Grant programs. The SBA has a few government grant offerings for small businesses, and there are a variety of different grant programs available, depending on factors like your SMB’s industry and size.

👉 Check out more options.

SHARK WEEK ISN’T OVER

Every weekday, Trainual’s founder and CEO Chris Ronzio shares bite-sized nuggets of business leadership wisdom. On Fridays, hear from other business thought leaders across the globe — like the one and only Daymond John who released his secret to creating goals for long-term success (both personally and professionally). Don’t miss out — subscribe now!

PUT ME IN, COACH

How to keep business as usual with more employees OOO

We know where he is.
Most likely out sick with the COVID-19 BA.5 subvariant. Okay, we don’t have a crystal ball. But we do know that a startling 3.9M Americans couldn’t go into work between June 29 and July 11 because they were sick with the virus themselves, or caring for someone who had contracted it. On top of that, 4.8M workers have been using the vacation time they’ve been racking up over the past two years.

Coincidence?
Perhaps. But either way, employees have been MIA. And with understaffing and turnover at discouraging highs, the struggle to keep operations running smoothly is oh-so-real.

How to keep moving forward:
With the proper plan in place, you can keep your business running like a well-oiled machine — even when people unexpectedly drop sick (or quit within 90 days like nearly one-third of new hires).

Work with your team to document how-to instructions for all major business processes so anyone can step in to help as needed. While you’re at it, create a detailed time off policy that leaves no room for interpretation.

👉 Snag our free PTO & Vacation Policy template.

TL;DR

This week’s highlight reel

• Winner, winner, chicken dinner. Well, maybe not at this Chick-fil-A. A North Carolina-based restaurant experienced a deluge of online backlash after offering “volunteers” five free entrees per hour worked. They’ve since removed the posting, but maybe don’t toe the legality line if you don’t want to get burned.
• Do you hear that? It’s the sound of a brand refresh. Restaurant chain Panera is not only giving itself a vibrant new look, but also committing to a sonic logo in an effort to stand out and build brand recognition. Only time will tell if the audio asset will get stuck in our brains and never, ever leave.‍
• Battle of the bikes. In a unique effort to get cyclists back in the studio, SoulCycle recently launched Souls Reunited, a program where Peloton riders can turn in their bikes in exchange for 47 free in-studio SoulCycle classes. Coming for their competitor's customers and taking their bikes? SoulCycle: ice cold.