At Toyota Week, small business consultant Gene Marks, spoke about potential tactics and business strategies as we move into an uncertain 2023. Gene is a past columnist for both the New York Times and the Washington Post. He now writes regularly for The Hill, The Philadelphia Inquirer, Forbes, and the Washington Times while appearing regularly on Fox Business and MSNBC.
The presentation began with the question: “Are we in a recession or not?” While Gene shared that many indicators are trendingdownward, Gene also mentionedthat household net worth is at historic highs while retail sales continue to recover, at historic highs. Gene summarized that, currently, sections of the economy are in a downturn, however, not all sections.
The following is a sampling of best practices Gene shared with some of his clients for navigating the uncertainty in the upcoming year.
- Revisit pricing, customers, product lines, margins
- Tighten up and double down on communications
- Forecast and reforecast-consider both short-term and long-term forecasting
- Buy inventory, PP&E
- Get SBA, and SSBCI Financing if eligible
- Make Tax Moves Now
- Section 179 (for you and your customers)
- Sales/Leaseback
- Wash Sale of Stock
- Invest in technology
- Accounts Payable Automation-Bill.com, Avid Exchange
- Accounts Receivable Automation- BillTrust
- Mobile Analytics- Microsoft BI, Domo
- Security Training- KnowBe4
Health insurance, retirement, hiring bonuses, mental health, and student loan assistance are among the hot benefits of 2022 to attract and retain good talent.
A full PowerPoint of the presentation was sent to all the Dealer Principals after Toyota Week.