"Recession" is one of the hottest words in economics right now—and it (rightfully) has many small business owners worried. But the good news is there are steps you can take to prepare for whatever is coming. They just might not be what you would expect.

This week's conversation is with Bill Conerly, a second-time guest on the Measure Success Podcast. He's a senior contributor at Forbes, and a consultant who connects the dots between the economy and business decisions. He has the unique combination of a Ph.D. in economics from Duke University and over 30 years' experience helping companies adapt to changing economic conditions.

Tune into the full episode for more on how to prepare for a potential recession, some of Bill's forecasts for what's coming next, when and why small businesses should raise prices, and more.

Here's a Glimpse of What You'll Learn:

• What's surprised Bill the most about the economy from Q4 of 2021 to now, plus what he thinks about the Federal Reserve
• Where Bill thinks short-term interest rates are headed, and what he believes about a potential recession
• How it's determined whether or not the country is in a "recession" — and why that decision isn't actually as helpful as people might think it is
• What Bill has encouraged businesses to do when it comes to determining their "creditworthiness" (even if they're not currently taking out loans from a bank)
• The advice Bill would give businesses who are just treading water right now, amid higher labor costs, inflation, interest rate fluctuations, and more
• Why it can be helpful to be a little pessimistic when it comes to planning against potential recession
• Whether small businesses should be raising their prices right now, and why
• What Bill thinks is coming for home and rent prices, plus what he thinks is the "fundamental rule" for buying a house
• Where Bill believes gas prices are headed, plus the lesson we can learn from fuel price fluctuations that can apply to any "capital-intensive" business
• Bill's most important lesson about the economy for small business owners

Resources Mentioned in This Episode:

• Conerly Consulting
• "The Flexible Stance: Thriving in a Boom/Bust Economy" by Bill Conerly
• "Businomics From The Headlines To Your Bottom Line: How to Profit in Any Economic Cycle" by Bill Conerly
• 40 Strategy
• Contact 40 Strategy
• Carl J. Cox on LinkedIn