Here is this week’s biweekly edition of The Pursuit newsletter, which brings the latest news and commentary about small business and entrepreneurs straight to your inbox on Wednesday mornings. Click here to get on the newsletter list!
It has been more than a decade since the Great Recession and nearly 20 years since the dot-com crash. Now, amid an ongoing pandemic, supply chain disruptions and mass layoffs, recession fears are looming.
Now is the time to prepare for a potential recession and safeguard your business. Small business owners and entrepreneurs need to be ready to adjust their strategy and if necessary, their business model as well, writes Forbes contributor Bernhard Schroeder. To ensure your company’s health and growth, pay attention to managing your cash flow. Review your business strategy, business model and revenue projections. In addition, control your costs and make small pivots that will be beneficial to your organization, such as shifting people and resources to areas that will earn or protect revenue.
It’s also crucial to seek counsel and advice from advisors, board members and mentors to help make informed decisions. Speak to others who have experienced economic uncertainty and look at data and trend projections. It’s important to make the adjustments now that will help your small business weather an economic downturn. Here are some additional tips for preparing for a recession.
The resignation of Glossier CEO Emily Weiss inspired another wave of obituaries for young female founders. Nevertheless, they persist—and refuse to be put on glass pedestals again. While the Girlboss concept began under a guise of empowerment, it has ultimately been damaging, a Scarlet G, for female entrepreneurs.
Key quote: “It’s reminding everyone that there is a style of being a boss. And no matter how hard you work, you’re still a girl—you’re a girl in a man’s world.”—Kristen Syrett, Linguistics professor at Rutgers University
Must-Reads Across Forbes
Last month, Clif Bar’s majority owners agreed to sell the energy bar company, a longtime family-owned brand, to the snack giant Mondelez for $2.9 billion. In the wake of an internal restructuring, the sale leaves many former longtime employees upset, and uncertainty looms over which employees will cash out from the nearly 20% of the company owned by its workers.
Six years ago, serial entrepreneur Parker Conrad spent his days binge-watching Star Wars movies while the Securities and Exchange Commission and state insurance commissioners opened investigations into his former startup Zenefits. Now, the 42-year-old is worth $2.2 billion thanks to the success of his new HR software startup Rippling, reports Forbes’ Amy Feldman.
Looking to scale your small business? Forbes contributor Rhett Buttle dives into the details of six grant options from companies like PepsiCo, Comcast and State Farm. Many of the grants are funneled toward business owners from underrepresented communities.
The health-tech startup Medallion, led by 27-year-old Derek Lo, raised a $35 million Series C co-led by Spark Capital and GV. The company, which landed its founder on the Forbes 30 Under 30 list for Healthcare this year, mostly helps digital health startups automate administrative hassles. Now, it’s looking to scale its health insurer and hospital business.
If you’re looking to broaden your business’ reach with audio, this trio of companies may be of help. Radio.co, Podcast.co and Matchmaker.fm were all founded by the Manchester-based serial entrepreneur James Mulvany, who once aspired to be a radio DJ himself. The platforms can serve as a foray for companies looking to dip their toes into the burgeoning podcast industry.