Transcripts
Hello and welcome to the Close the Loop podcast.
Kevin Dieny:I'm your host, Kevin Dieny and today we're gonna be talking about
Kevin Dieny:Small Business Recession Strategies.
Kevin Dieny:We're gonna be talking a little bit about the recession, a little
Kevin Dieny:bit, what that means, helping you understand, I think from, you know,
Kevin Dieny:a broader range, what we're kind of talking about and in general, the
Kevin Dieny:strategies that could help a business.
Kevin Dieny:Who's thinking, Okay, everyone's talking about this topic right now.
Kevin Dieny:This is a big topic.
Kevin Dieny:What do I do about it?
Kevin Dieny:What can I do about it?
Kevin Dieny:Um, what are some ideas that I should consider?
Kevin Dieny:I think all those questions are great to have and can actually help your business.
Kevin Dieny:At the minimum try to survive, maybe better, try to grow and find new and
Kevin Dieny:improving opportunities to your business.
Kevin Dieny:So to help us dive into this topic, someone I've had on
Kevin Dieny:before, his name is Kyle Griffith.
Kevin Dieny:He is a managing partner of the N Y B B group where he represents small and
Kevin Dieny:mid-size businesses in need of financial expertise, such as merger and acquisition
Kevin Dieny:and business advisory services.
Kevin Dieny:Kyle is the chair elect of the International Business Brokers
Kevin Dieny:Association and is the CEO and founder of The Eminae, an advisory network
Kevin Dieny:for business owners seeking to bill to grow or to exit their company.
Kevin Dieny:So welcome Kyle, thanks again for coming on again with us.
Kyle Griffith:Hey, Kevin, it's a pleasure.
Kyle Griffith:Um, I that's, um, appreciate opportunity to connect with you again.
Kyle Griffith:I just.
Kyle Griffith:You know, be in your show and, and very humble to be invited
Kyle Griffith:back for the second time.
Kyle Griffith:So, , I was humble the first time, The second time, like in my head, I'm
Kyle Griffith:in cloud, not cloud nine right now.
Kyle Griffith:But, um, with all in all seriousness, um, this is a very serious topic and a
Kyle Griffith:lot of businesses are facing challenges in these times as race sessions.
Kyle Griffith:So I'm happy to share, uh, my experiences, my clients experiences
Kyle Griffith:with your, with your viewership.
Kevin Dieny:Yeah, I have, you mentioned last time like, Oh, Kevin,
Kevin Dieny:that's another topic for next time.
Kevin Dieny:And I thought about it and I was.
Kevin Dieny:You know, I keep hearing about this other topic I'd like to talk about too, so
Kevin Dieny:I'm, I'm glad you were able to jump on.
Kevin Dieny:So hardcore economic definition, sort of aside, uh, recession kind of, if
Kevin Dieny:you could maybe talk about a little bit of like, what, what, what is that?
Kevin Dieny:So that we can be very grounded on what we're talking about when we say that term.
Kevin Dieny:Cuz it's probably gonna be said quite a few times during this episode.
Kevin Dieny:So what is that and maybe what does that mean?
Kyle Griffith:It's probably different for you, ask one person or give you a
Kyle Griffith:different response because some companies been, Hey, we've been in recession for
Kyle Griffith:like, God knows how long now, and other companies, wait, I'm doing fabulous.
Kyle Griffith:Right, what recession are you talking about?
Kyle Griffith:I don't see any recession here, but you know, technically, you
Kyle Griffith:know, you're talking about a economic decline or downturn for,
Kyle Griffith:for two consecutive quarters.
Kyle Griffith:Yeah, I think the economy is starting to stabilize.
Kyle Griffith:Um, there may be some increases in interest rates coming.
Kyle Griffith:Again, I'm not an economist, I'm just putting that disclaimer out there.
Kyle Griffith:But I do listen to a couple and get some insights.
Kyle Griffith:And it's funny, you speak to three economists, you're gonna
Kyle Griffith:get three different, um, opinions.
Kyle Griffith:But the over consensus of what I'm hearing from these economists is that, um, it's
Kyle Griffith:not going to be any anywhere close to what the pre recessions we have had.
Kyle Griffith:It's gonna be softer.
Kyle Griffith:However's gonna, is gonna take, is gonna be longer.
Kyle Griffith:It'll take some more, some more time for, for, for us to
Kyle Griffith:get back, get back on track.
Kyle Griffith:So with that being said, you can take it for what it's worth.
Kyle Griffith:Um, I would say that we are in one, but most small business owners I
Kyle Griffith:know and most of your folks that are viewing this are optimistic.
Kyle Griffith:To be a small business owner, you are always looking on the brighter side.
Kyle Griffith:So you have a challenge here.
Kyle Griffith:We are all problem solvers, right?
Kyle Griffith:So we are challenged, what can we do to solve it, Whether we
Kyle Griffith:wanna pivot or, you know, double down or wherever the case may be.
Kyle Griffith:So, um, I dunno if I answered that question to, to do you best, like,
Kyle Griffith:but, um, technically you are, but maybe, maybe not let to be seen.
Kevin Dieny:Yeah, no, I think you, you definitely answered that and we were
Kevin Dieny:kind of wondering, right, Like, okay, we're gonna be talking about recess.
Kevin Dieny:Now we have a pretty good idea.
Kevin Dieny:Okay.
Kevin Dieny:It's the, the market, the economy, there's an impact.
Kevin Dieny:There's something, has been an impact on the economy and it's, it's
Kevin Dieny:not looking necessarily positive, but it could be positive for some
Kevin Dieny:industries or some businesses.
Kevin Dieny:I also want to clarify and ask you, does a recession only impact those
Kevin Dieny:massively large businesses, or is a, is, is the threat or the potential
Kevin Dieny:of a recession something that could.
Kevin Dieny:Even the local, the smaller businesses, like is it something
Kevin Dieny:that only tends to affect like maybe banks or large companies,
Kevin Dieny:large corporations, other countries?
Kevin Dieny:Or is it something that, you know, businesses small and large
Kevin Dieny:everywhere should be considering?
Kevin Dieny:Like if we are, okay, what impact could that have on them?
Kyle Griffith:See here, here's the thing I, to my understanding,
Kyle Griffith:your audience is made up of smaller, small businesses, right?
Kyle Griffith:Is very important to know.
Kyle Griffith:Anytime.
Kyle Griffith:So like this happens is the smaller businesses that are gonna be
Kyle Griffith:impacted the worst, the most larger businesses, they have support.
Kyle Griffith:Like you've seen what happened before over the last recession where a
Kyle Griffith:couple large companies got bailed out.
Kyle Griffith:So they always have, you know, that same, you know, too big to fail sort of thing.
Kyle Griffith:So my, my passions for the small business owners, That's who's most
Kyle Griffith:at risk right now in any recession?
Kyle Griffith:Um, most of the small businesses that I know, some of them are having challenges,
Kyle Griffith:meeting payroll, paying their rent.
Kyle Griffith:They need access to capital, to, to grow and to expand.
Kyle Griffith:Larger companies don't necessarily have those same problems.
Kyle Griffith:They have, they have a lot of assets, they have a lot of reserves, and you know,
Kyle Griffith:for them it doesn't hurt them as much.
Kyle Griffith:It does hurt everyone involved, families, businesses alike, but
Kyle Griffith:you know, small businesses are definitely feeling the brunt of it.
Kyle Griffith:And, you know, small business owners who's a backbone of backbone economy.
Kyle Griffith:So we need to keep these businesses going.
Kyle Griffith:Uh, we need to, we need robust local communities, right?
Kyle Griffith:So that's where we need to help.
Kyle Griffith:Uh, they're talking about restructuring the SBA and, and making
Kyle Griffith:it more, making access to capital.
Kyle Griffith:More available to small business owners.
Kyle Griffith:So, uh, we, we need, that's what we need to help out these small business
Kyle Griffith:owners in, in, in, in, in our economy.
Kevin Dieny:Wow.
Kevin Dieny:So that's a big deal, right?
Kevin Dieny:For the smaller businesses to be considering, Okay, if this is happening,
Kevin Dieny:if this is coming, it could be coming from me and coming from me pretty aggressively.
Kevin Dieny:So what are maybe, I mean, this is sort of a general question, right?
Kevin Dieny:But what are some of the general threats.
Kevin Dieny:That come with a recession, that kind of pose risk for a small, smaller business.
Kevin Dieny:You mentioned hiring possibly, but you know, and maybe capital,
Kevin Dieny:you know, generally speaking, what are some of the threats?
Kyle Griffith:So there's a couple of them, right?
Kyle Griffith:So number one, I think the biggest challenge right
Kyle Griffith:now is workforce and labor.
Kyle Griffith:So if you are, your business is on a downturn.
Kyle Griffith:Right, so you're don't have enough to pay, um, you know, provide
Kyle Griffith:bonuses and hire the best people.
Kyle Griffith:You know, you see some businesses, you know, start making some cutbacks.
Kyle Griffith:They may, so laying off employees or cutting back in the hours and so on.
Kyle Griffith:You know, that's one of the bigger things, you know, you have instances where, you
Kyle Griffith:know, you have to pay your, your, your, your lease, your, your rent, Um, every
Kyle Griffith:month you maybe get behind on that.
Kyle Griffith:Um, landlords of feeling the pressure as, as well.
Kyle Griffith:Right.
Kyle Griffith:So it, it's, it's a multitude of things.
Kyle Griffith:You also have the, the cost, uh, I mentioned the cost of labor.
Kyle Griffith:You have to also, the cost of supplies.
Kyle Griffith:Everything is going up with, with inflation as well.
Kyle Griffith:So it unfortunately, what the refresh recession does, it, it
Kyle Griffith:creates a, a separation between the haves and the, and the haves nots.
Kyle Griffith:Right?
Kyle Griffith:Uh, what you see happen is that most companies wait till they are in dire need
Kyle Griffith:of assistance to go out and get finance.
Kyle Griffith:Right.
Kyle Griffith:So when you have a recession and your, your, your company, things
Kyle Griffith:are not going as expected, right?
Kyle Griffith:You're not bringing enough revenue.
Kyle Griffith:Um, you don't have enough, um, people in your, in your, in your workforce
Kyle Griffith:and your team to fulfill the jobs, and you have a lot of challenges.
Kyle Griffith:And you go to the bank, the bank is gonna look well.
Kyle Griffith:Unfortunately, the past three months or past six months, when you look
Kyle Griffith:at your statements, you know, they don't have much confidence in lending.
Kyle Griffith:So it, it was always important if you need finance and you want to
Kyle Griffith:have it when you don't need it, , it's funny how that works, right.
Kyle Griffith:So, Yeah.
Kyle Griffith:You know, when they're making those office for you for lines of credit and, you
Kyle Griffith:know, getting extensions and your, your credit lines and so on, credit limits.
Kyle Griffith:Yeah.
Kyle Griffith:It's, it's, it's very tough, you know, being a business owner, especially in,
Kyle Griffith:in, in this particular environment.
Kevin Dieny:So, I mean, this is something we've talked about before.
Kevin Dieny:I mean, Being very, having very clear, I guess, very correct.
Kevin Dieny:Financials seems to be very important because if you are seeing, Okay, this
Kevin Dieny:is how it's gonna be impacting me, it'd be better to know that ahead of time.
Kevin Dieny:Right?
Kevin Dieny:So in terms of a business being like, Okay, you know, like the recession makes
Kevin Dieny:me feel like I need to be head down.
Kevin Dieny:Chugging in my business, working in, you know, in the business and going
Kevin Dieny:into my financials seems sort of like, it's pulling me out of that.
Kevin Dieny:So is, it's how much more of a priority or importance is making sure, like,
Kevin Dieny:okay, we, we can see how like maybe for the next year or so we should be
Kevin Dieny:looking at our financials a little bit.
Kevin Dieny:And more of a higher priority?
Kevin Dieny:Like is that an important idea or strategy?
Kyle Griffith:It's important, Kevin, but the, think about this, right?
Kyle Griffith:Um, we all have been there at some point in our, in our life where, um,
Kyle Griffith:things are not going as well as planned.
Kyle Griffith:And the, you know, the bank statements come in, you know, the
Kyle Griffith:credit card statements come in all, all the, the bills come in and you
Kyle Griffith:just don't really pay attention.
Kyle Griffith:Why am I gonna, why do I need to check my, my bank account?
Kyle Griffith:Why do I need to balance books?
Kyle Griffith:And I already know that my business is not doing well, but
Kyle Griffith:that should not be the mindset.
Kyle Griffith:You want to get a full understanding of your numbers that actually would
Kyle Griffith:inspire you to go out and hit your goals and, and hit your marks.
Kyle Griffith:It also helps your projections if you can have your, you know,
Kyle Griffith:your books balanced, right.
Kyle Griffith:Um, everything's accounted for.
Kyle Griffith:You following, you know, general accounts and principles.
Kyle Griffith:You can keep track of the revenues you make, and I make
Kyle Griffith:projections in the future.
Kyle Griffith:Uh, you could look back historically depending how
Kyle Griffith:long you have been in business.
Kyle Griffith:You can see how you did as far as your historical revenues.
Kyle Griffith:In prior downturns in the economy and, and make adjustments, right?
Kyle Griffith:Um, no one really has a crystal ball, but history usually tends to repeat itself.
Kyle Griffith:So if you have some historian business, you can look back.
Kyle Griffith:Okay, the last downturn, um, my revenues went down 20%.
Kyle Griffith:You can start planning.
Kyle Griffith:Planning according.
Kyle Griffith:And that same thing as well, you can actually in reverse, we need
Kyle Griffith:to order more, more inventory.
Kyle Griffith:If the price of lumber, the price materials is going up,
Kyle Griffith:you can start ordering more.
Kyle Griffith:We, we see that we have more, more and more by clients have increasingly more
Kyle Griffith:inventory to make sure that they can, they can meet the demands of their clients, of
Kyle Griffith:the customers and lock in lower prices.
Kyle Griffith:Um, you know, before, before it, it goes up, but, Just going back to
Kyle Griffith:the financials, it all starts there.
Kyle Griffith:A lot of the buyers you work with, that's one of the first things
Kyle Griffith:they wanna look at, especially if you're looking to sell your company,
Kyle Griffith:is understanding your numbers.
Kyle Griffith:And you can bring someone in fractionally.
Kyle Griffith:You don't have to have a fulltime CFO or, um, someone to come in on a,
Kyle Griffith:have someone to come in a part-time bus basis, help you understand your
Kyle Griffith:numbers and see what it looks like.
Kyle Griffith:So if you need to make any plans, you know what you have, what you're working with.
Kevin Dieny:Yeah, that's, I think that's awesome advice.
Kevin Dieny:Uh, Kyle, I think that's really good.
Kevin Dieny:And the way you put that too, and framed it, gave some examples like with,
Kevin Dieny:you know, maybe inventory stock up.
Kevin Dieny:Those are really interesting to think about.
Kevin Dieny:Um, so on a positive light of it too, right?
Kevin Dieny:Are there businesses out there that do really well?
Kevin Dieny:Possibly in inflationary times, are there businesses that have the potential
Kevin Dieny:to survive really well or to make take advantage of the opportunity that
Kevin Dieny:maybe other industries are suffering?
Kevin Dieny:And with the recession, most of the time, I feel like recession is mostly
Kevin Dieny:a negative topic, but is there.
Kevin Dieny:The room for an opportunity, or are there industries where there are
Kevin Dieny:opportunities for them to, to make something out of this downturn?
Kyle Griffith:Let me tell you something, As an entrepreneur, it's always room
Kyle Griffith:for opportunity, and I can, I can talk about it in two different angles, but
Kyle Griffith:let's talk about the investment, right?
Kyle Griffith:You're looking to grow your business, right?
Kyle Griffith:You're looking to build, you know, you, you have a legacy for your
Kyle Griffith:family and your business that you're looking to build upon.
Kyle Griffith:Um, let's say, I'm speaking to the business owner that
Kyle Griffith:has their ducks in a row.
Kyle Griffith:They fully understand their business, and now you have this recession that's coming.
Kyle Griffith:This can be a great opportunity for you to.
Kyle Griffith:At your competition, look at opportunity.
Kyle Griffith:That may, that may surface to you that where you can
Kyle Griffith:make a potential acquisition.
Kyle Griffith:Number one, um, talent is how is hard to find, right?
Kyle Griffith:It's hard to find skilled people.
Kyle Griffith:Personal key management.
Kyle Griffith:And there are companies that have.
Kyle Griffith:Awesome people working for them, but they may maybe, maybe in a company that is
Kyle Griffith:not in the right direction, that don't have good core values, good vision, and
Kyle Griffith:don't have loyalty with their customers and so on, you know, there can be, you
Kyle Griffith:know, some in some troubled waters.
Kyle Griffith:So it could be opportunity if you come in and.
Kyle Griffith:And actually help that business owner that's maybe struggling, right?
Kyle Griffith:People look at, think about acquisitions as a negative, but it could be a positive.
Kyle Griffith:You can come in there and and help turn that company around, merge those
Kyle Griffith:to coming together and retain those employees that way they still have a job.
Kyle Griffith:And quite frankly, if you don't do it, Someone else, Barry may do it.
Kyle Griffith:So if you are looking to, um, create more robust economy and, and local
Kyle Griffith:communities, you know, for your family, it might be a great opportunity.
Kyle Griffith:Um, the other thing I was mentioned about inventory, usually when you, you
Kyle Griffith:know, when you purchase on a company, you get opportunity to remove any
Kyle Griffith:redundancies and purchase, uh, supplies at a, at a lower price point, right?
Kyle Griffith:Um, if you're not doing so well, Right.
Kyle Griffith:And you in a, in a downturn.
Kyle Griffith:So a couple things you can do when business gets slow is actually a
Kyle Griffith:good time to, to invest in yourself.
Kyle Griffith:Right?
Kyle Griffith:Invest in your mind.
Kyle Griffith:Start doing some research, reading, seeing what in your business can fix cause
Kyle Griffith:you know it's gonna come back, right?
Kyle Griffith:Businesses operate in cycles, so you ha if you have enough that you could sustain.
Kyle Griffith:Right.
Kyle Griffith:Start doing some research.
Kyle Griffith:Go to your trade association, read white paper, read publication.
Kyle Griffith:Just start educating yourself.
Kyle Griffith:And when you educate, you can make the right decisions.
Kyle Griffith:You're not gonna make knee jerk reactions, Hey, you know, I'm gonna close down.
Kyle Griffith:I'm gonna, you know, you're gonna be making educated decisions, right?
Kyle Griffith:And it may open up some doors for form opportunities when you keep an open
Kyle Griffith:mind, uh, to opportunities that that can present itself during a recess.
Kyle Griffith:When one, Hey, Kevin, when one door closes, another door always opens.
Kyle Griffith:And an entrepreneur, you have, you have to be, you have to be agile and willing
Kyle Griffith:to be willing to adapt and be open.
Kyle Griffith:Whenever in doubt you wanna reach out to professionals, people on your board,
Kyle Griffith:other business owners, you can have someone in the county next to you that's
Kyle Griffith:maybe going something, something similar.
Kyle Griffith:Find what what they're doing and can help support you in your, in
Kyle Griffith:your business growth endeavors.
Kevin Dieny:Wow, that's totally awesome.
Kevin Dieny:And, and I love the, the positivity on that, the, the door opening, uh,
Kevin Dieny:in other areas, you know, like for the business owner who, who is feeling
Kevin Dieny:like they're pushed into a corner?
Kevin Dieny:And I mean, I, I, this is just almost like a straight quote of something
Kevin Dieny:I saw online, which was, you cannot do anything to combat a recession.
Kevin Dieny:That was like someone's sentiment, like, sure, maybe recession, but
Kevin Dieny:there's nothing you can do about it.
Kevin Dieny:That was like one of the things I was reading, and so it, you're kind.
Kevin Dieny:Suggesting like, Look, you know, you're an entrepreneur, You got this business,
Kevin Dieny:you've been working hard in this business.
Kevin Dieny:Don't give up on it yet.
Kevin Dieny:Like, there are opportunities, and I think that's really interesting, really good.
Kyle Griffith:Hey kevin, I wanna build on that.
Kyle Griffith:You know, so most, your, your, your business is like your child.
Kyle Griffith:You have birthed, you have nurture, you have grown.
Kyle Griffith:If your child is having trouble in school, they're being bullied or things is
Kyle Griffith:happening, would you, would you give up?
Kyle Griffith:No.
Kyle Griffith:You would not.
Kyle Griffith:So ideally the the first thing I speak to with all of my clients and
Kyle Griffith:prospective clients, what's your why?
Kyle Griffith:What motivates you?
Kyle Griffith:Right.
Kyle Griffith:Why did you start the business in the first place?
Kyle Griffith:Right?
Kyle Griffith:What it is you're doing for your local communities that that
Kyle Griffith:makes you fulfill your purpose.
Kyle Griffith:And sometimes, you know what happens, sometimes you get distracted, you get
Kyle Griffith:burnt out, and like things happen, right?
Kyle Griffith:So you have to really look, look within and figure out what your
Kyle Griffith:exit strategies, what your plan is.
Kyle Griffith:Because if it gets to the point where your sales are plateaued and you know
Kyle Griffith:you're not able to grow or where the case may be, and you have other opportunities
Kyle Griffith:that come your way, like of a.
Kyle Griffith:I sold this, this delivery company about two years ago,
Kyle Griffith:and the buyer's really excited.
Kyle Griffith:He got in, he actually grew the business, and he called me up.
Kyle Griffith:I say, Kyle, another opportunity came my way.
Kyle Griffith:That's much better for me.
Kyle Griffith:I love this business.
Kyle Griffith:I've grown the business, but now you did a great job with the past seller.
Kyle Griffith:I want you to help me sell this business.
Kyle Griffith:Like, you know things, things come up with opportunities.
Kyle Griffith:So you have to kind of keep an open mind.
Kevin Dieny:Yeah, no, I think that's, I think that's really good.
Kevin Dieny:And I think it's difficult too, cuz you're like, Okay, well maybe there's
Kevin Dieny:a couple avenues, you know, like, which, which one is best for me?
Kevin Dieny:And knowing like why you do what you do and knowing how the business needs
Kevin Dieny:to grow or how you see it growing is, has a huge potential there, has
Kevin Dieny:a, has a great possibility to, I think, do a lot for the business.
Kevin Dieny:So...
Kyle Griffith:I, I think we have to be centered.
Kyle Griffith:We have to know what our.
Kyle Griffith:What our purposes are in life?
Kyle Griffith:Are we fulfilling our passion?
Kyle Griffith:Is this something that we really want to do?
Kyle Griffith:And you have to make these decisions.
Kyle Griffith:Is, is what I'm doing?
Kyle Griffith:Is it helping me help my family?
Kyle Griffith:I I, you know, sometimes when, when I speak with clients, there's two factors
Kyle Griffith:that affects the growth of your business.
Kyle Griffith:There are internal factors and external factors.
Kyle Griffith:The internal factors you can adjust.
Kyle Griffith:Right.
Kyle Griffith:When you talk about internal factors, you're talking about your books,
Kyle Griffith:your records, you know, customer concentration, all things you have
Kyle Griffith:to do with running your business.
Kyle Griffith:The external factors, you kind do anything about the recession.
Kyle Griffith:You can't do anything about a pandemic.
Kyle Griffith:Some things you have to trust in your higher power that we, you know,
Kyle Griffith:we've been through this before.
Kyle Griffith:And, you know, we are gonna, we gonna, we are gonna get
Kyle Griffith:through this, you know, so Yeah.
Kyle Griffith:You have, yeah.
Kyle Griffith:As an entrepreneur, we are all optimistic that we are gonna get through this
Kyle Griffith:and you wanna get yourself around entrepreneurs that think the same way.
Kevin Dieny:Yeah, no, that's really interesting.
Kevin Dieny:I, I love the ideas too, of finding your, your industry, your network groups, your,
Kevin Dieny:your know, whatever it is in finding some other allies maybe in another area so it's
Kevin Dieny:less, you know, not really competitors.
Kevin Dieny:Um, now I did wanna ask you, uh, cuz you had mentioned.
Kevin Dieny:And wanna see.
Kevin Dieny:It was just like something you, you know, no one knows, no one's got a crystal ball.
Kevin Dieny:Right.
Kevin Dieny:But you had mentioned it's possible that the recessionary recession period here
Kevin Dieny:that is happening could last a while.
Kevin Dieny:So I saw another thing online, which was just write it out
Kevin Dieny:for six months or a year.
Kevin Dieny:But that may not be long enough.
Kevin Dieny:Right.
Kevin Dieny:So if it is gonna last a while, Then it makes me think, okay,
Kevin Dieny:businesses have to be considering their strategy for, you know, the
Kevin Dieny:downturn market and for recession.
Kevin Dieny:And if it lasts for five years, it's not just survive for six months.
Kevin Dieny:Like this might be a survive for five years scenario.
Kevin Dieny:So, For those that are saying, just survive, just ride it out.
Kevin Dieny:Just cut costs down.
Kevin Dieny:Just shrink down enough to survive.
Kevin Dieny:Is that really good enough?
Kyle Griffith:So there are two schools of thought here, right?
Kyle Griffith:So when it comes to the profitability of your business, you either
Kyle Griffith:increase your revenues or you cut back your expenses, right?
Kyle Griffith:That's the only two ways you can increase your margin and be more profitable.
Kyle Griffith:In recession, your course cutting, right?
Kyle Griffith:You're looking.
Kyle Griffith:Do I need to spend additional five grand in this ad agency?
Kyle Griffith:Um, the parties used to have before?
Kyle Griffith:Are we still gonna have that?
Kyle Griffith:Are we still gonna take our clients out to lunch and to dinner as if that
Kyle Griffith:was part of your marketing program?
Kyle Griffith:Um, I'm a little bit, I'm a little bit more different.
Kyle Griffith:I, I feel that you have to even push the gas down a little bit
Kyle Griffith:more and double down because.
Kyle Griffith:It's gonna take a while to get that, that steamship, that that plane off the
Kyle Griffith:ground again when you wind down your marketing, cuz guess what's gonna happen?
Kyle Griffith:The companies that are resilient that keep going.
Kyle Griffith:They're gonna read the benefit of it.
Kyle Griffith:And, and I'm, I'm sure some of your, um, listers have, have seen that.
Kyle Griffith:Right?
Kyle Griffith:You dialed on your marketing, your competitors keep going.
Kyle Griffith:Cause there are people that needs your services.
Kyle Griffith:They need their lawn cut, they need their, their plumbing service.
Kyle Griffith:They need their H V A C fixed, right?
Kyle Griffith:They need to get their back aligned.
Kyle Griffith:You know, they need to get dental work done.
Kyle Griffith:Like these services there, there are services that's gonna be needed.
Kyle Griffith:So if you're gonna cut back your marketing, How are your customers
Kyle Griffith:and clients gonna find you?
Kyle Griffith:Right?
Kyle Griffith:So you do have to work in a budget, right?
Kyle Griffith:You have to figure out what's the, you know, at least the least amount you can
Kyle Griffith:contribute, you know, to what's marketing.
Kyle Griffith:Maybe you dial it down a little bit, but I, I would not recommend it all.
Kyle Griffith:Stop marketing.
Kyle Griffith:I, I feel you might have to be even more aggressive.
Kyle Griffith:Or you can use social media, other ways, other digital technologies
Kyle Griffith:that you could, um, still get the message out, but at a lower cost.
Kevin Dieny:Yeah, no, I think those are really, really, we've, we've seen, we've
Kevin Dieny:seen a lot of things impact, covid, right?
Kevin Dieny:Pandemics have had a major impact on how businesses have to survive and thrive, and
Kevin Dieny:it's impacted the marketing, it's impacted the consumer, the customer, the prospect.
Kevin Dieny:The end of the day it's like, man, a lot of stuff has changed
Kevin Dieny:just in the last five years even.
Kevin Dieny:Now we're talking about a recession manner.
Kevin Dieny:They're like adding more and more to like, what businesses are
Kevin Dieny:gonna have to survive right now.
Kevin Dieny:So how.
Kevin Dieny:How are consumer like since we mentioned marketing, how are customer
Kevin Dieny:behaviors, consumer behaviors changed?
Kevin Dieny:Impacting them?
Kevin Dieny:Are they, like, how is that gonna impact, like, looking in from the
Kevin Dieny:customer side, that's gonna be impacting the business as well.
Kevin Dieny:So maybe how is that impacting customer, you know, I guess optimism,
Kevin Dieny:customer spending during recessions?
Kyle Griffith:Yeah, I, I think the, on the consumer side, I don't
Kyle Griffith:have the data in front right now.
Kyle Griffith:Um, but um, for what I have learned, um, the consumers
Kyle Griffith:really believe we're in a recess.
Kyle Griffith:The reports are in the, the consumer confidence is lower.
Kyle Griffith:I, I don't have to source at me right now, but, uh, they
Kyle Griffith:interviewed business owners and.
Kyle Griffith:More than 50% of them were optimistic that we are not in a recession.
Kyle Griffith:But when they interview the consumers, most consumers believe, and you know
Kyle Griffith:why you go to the grocery store, you know the price of paper towel is up.
Kyle Griffith:I mean, meat is up.
Kyle Griffith:I mean, everything is up.
Kyle Griffith:I mean, it's insane.
Kyle Griffith:Prices are going up.
Kyle Griffith:Um, See, I, I, I think it's almost like a 180 s like night and day between
Kyle Griffith:the business owners and the consumers.
Kyle Griffith:I do have to say though, that if you are a consumer, uh, now is actually a good
Kyle Griffith:time to maybe look at free enterprise.
Kyle Griffith:You know, there are a lot of people that retired early, earlier than should have,
Kyle Griffith:should have because of the pandemic.
Kyle Griffith:There are lots of opportunities to.
Kyle Griffith:Make, make money in this particular environment.
Kyle Griffith:Um, and there are tons of people out there, right?
Kyle Griffith:If you can start figuring out, you know, what you wanna focus on
Kyle Griffith:as far as a business opportunity, um, now is a pretty good time.
Kyle Griffith:Cuz in the downtime, that's when the ideas come about.
Kyle Griffith:And you know, you sitting at home and you're wondering, Okay, what
Kyle Griffith:I'm gonna do next and it's got laid off, or I left this job, you know,
Kyle Griffith:what, what, what's next for me?
Kyle Griffith:Um, There's a movement going, there's entrepreneurship movement.
Kyle Griffith:Um, there've been more companies started.
Kyle Griffith:True covid than never before.
Kyle Griffith:Yeah, I do feel bad.
Kyle Griffith:I, I'm very empathetic as far as what's happening in the marketplace, but as
Kyle Griffith:a consumer, like we are seeing people actually starting to grow their own
Kyle Griffith:produce and, and being more self resilient and self reliant and not necessarily have
Kyle Griffith:to need to go out to the grocery stores.
Kyle Griffith:Um, And so on.
Kyle Griffith:So, yeah.
Kyle Griffith:Um, hey, this is America, man.
Kyle Griffith:Um, we are the best nation in the world, and, um, but
Kyle Griffith:where there's a will is a way.
Kyle Griffith:So, uh, we, we, we are definitely gonna get through this.
Kevin Dieny:Yeah, no, I think that's all really interesting and things to
Kevin Dieny:point out, like their consumers being, learning behaviors that are helping
Kevin Dieny:them be a little more resilient.
Kevin Dieny:And then some, even people who were working and then are out of work,
Kevin Dieny:you know, have been, and now they're thinking, Oh, maybe I'll start my own.
Kevin Dieny:So, is.
Kevin Dieny:I mean, you kind of touched on this, but is entrepreneurship, I mean,
Kevin Dieny:that could be, is that like a, an additional threat that could affect
Kevin Dieny:other businesses is people who are like, you know, they've been laid off, now
Kevin Dieny:they're going to start the business.
Kevin Dieny:They've been waiting to start because they were working somewhere else.
Kevin Dieny:Is that a, is that a potential threat?
Kevin Dieny:Or, and, and is that or an opportunity?
Kyle Griffith:There's never, there's never a trap.
Kyle Griffith:There's never a trap.
Kyle Griffith:There's more than enough business for everyone.
Kyle Griffith:Okay.
Kyle Griffith:If you have been running your business, you have a proven process.
Kyle Griffith:Right.
Kyle Griffith:You have been there.
Kyle Griffith:There's a lot that you have seen.
Kyle Griffith:Now, you, you can't just stick in a corner or, uh, and not innovate, right?
Kyle Griffith:Uh, however, you know, philosophies don't change, right?
Kyle Griffith:Um, you have a service.
Kyle Griffith:You provide a service, you get paid for that service.
Kyle Griffith:You get paid for that product.
Kyle Griffith:Here's one thing though, Kevin, and this will, you know, I just have to, I just
Kyle Griffith:have to be blunt and say this, right?
Kyle Griffith:So you have folks that are worked for a company, Help that company grow
Kyle Griffith:and there's no more room for him to, no more, um, equity ownership or, or
Kyle Griffith:grow opportunities for him in that business, that comp that company.
Kyle Griffith:And they began, you know, they got entrepreneurs like, I wanna
Kyle Griffith:go out and do my own thing.
Kyle Griffith:I want to build a company or create something that could be an asset, Right?
Kyle Griffith:As opposed to help make somebody else rich.
Kyle Griffith:Uh, it's a great book by, uh, Michael Gerber.
Kyle Griffith:You can look up on Amazon.
Kyle Griffith:It's called e-Myth.
Kyle Griffith:And what he talks about is that to run a business, you have
Kyle Griffith:essentially, you have three hats.
Kyle Griffith:You have the visionary, Okay?
Kyle Griffith:Um, you have the management and you have the workers.
Kyle Griffith:Right?
Kyle Griffith:And I'm, I'm saying this because they are very skilled, smart people that
Kyle Griffith:work in companies either in management, Right managing people or actually
Kyle Griffith:the ones actually doing the work.
Kyle Griffith:All three are constantly in conflict, right?
Kyle Griffith:The owner is pushing management to meet deadlines, you know, get
Kyle Griffith:these guys to work, girls, you know, guys and girls who work harder,
Kyle Griffith:get, get, get task done, and so on.
Kyle Griffith:And the management has stresses from the top and then now the
Kyle Griffith:are stresses at the bottom.
Kyle Griffith:So, and then the work is like, hey, I'm, you know, I work as
Kyle Griffith:much as I can in a short period.
Kyle Griffith:I have, you know, you guys are doing things right.
Kyle Griffith:I.
Kyle Griffith:It should be done a, a better way or a different way.
Kyle Griffith:So all three areas are always in conflict.
Kyle Griffith:So if you are a worker, you leave, You say what?
Kyle Griffith:I'm gonna, I can do this better than my employer, right?
Kyle Griffith:You leave now, start your own business.
Kyle Griffith:You're working in your business, not on your business.
Kyle Griffith:You're working in your business, providing this product, providing this service.
Kyle Griffith:But guess what?
Kyle Griffith:You don't have necessarily have the skill set in management how to manage teams
Kyle Griffith:or as an owner, how to be the visionary.
Kyle Griffith:Start.
Kyle Griffith:You're stuck in a rock your wheels, you're spinning your wheel center.
Kyle Griffith:Figure out how to make this business entrepreneurship thing.
Kyle Griffith:And this same thing happens for all three levels, right?
Kyle Griffith:It does take time.
Kyle Griffith:So for the you entrepreneurs that are listening and your business
Kyle Griffith:owners are listening, you know, you just can't beat wisdom.
Kyle Griffith:Um, you just can't beat experience.
Kyle Griffith:At the same time, there are opportunities for the young, motivated
Kyle Griffith:entrepreneurs to to mentor with season.
Kyle Griffith:Semi-retired or business owners and we call could build businesses
Kyle Griffith:together in one big family.
Kyle Griffith:You know what?
Kyle Griffith:I wanna leave with the young entrepreneurs.
Kyle Griffith:Find someone who has done it before.
Kyle Griffith:Um, find mentors that can help you build your business.
Kyle Griffith:And you know, those who have been around a while, you know, help
Kyle Griffith:out the younger generation because they're the ones that are gonna
Kyle Griffith:take this company to the next level.
Kevin Dieny:Yeah.
Kevin Dieny:Wow, that's really good.
Kevin Dieny:And, and something I, I was hop, I was actually hoping to expand upon what you're
Kevin Dieny:saying There is, you know, a business who is now is, is there, is today, right now
Kevin Dieny:running some ideas around maybe what it could do to pivot or what it can do to.
Kevin Dieny:To change what it's doing, given that there could be, you know, the threat
Kevin Dieny:of inflation coming, the threat of, you know, downturn coming, the impact that has
Kevin Dieny:both on the consumers and in the market.
Kevin Dieny:Like, I know this is like the grand question for the episode, but it's
Kevin Dieny:like, what, what kind of strategies or ideas are there that ways that
Kevin Dieny:for businesses to pivot during a recession to, to still grow?
Kyle Griffith:This is what you have to do, Kevin.
Kyle Griffith:You get to cut out the fat.
Kyle Griffith:Um, a lot of companies are spending money that they shouldn't be spend.
Kyle Griffith:They need to do a complete evaluation of their business.
Kyle Griffith:Um, see what the leakages are.
Kyle Griffith:Um, you have to, you know, start really tighten up the ship.
Kyle Griffith:Okay?
Kyle Griffith:You may be overpay for certain things in certain areas.
Kyle Griffith:You may have some subscription.
Kyle Griffith:Everyone has like subscriptions that they don't need.
Kyle Griffith:Okay?
Kyle Griffith:So you have to do a complete, and what we do at our firm, we do something
Kyle Griffith:called a, um, a financial SWAT analysis.
Kyle Griffith:Okay?
Kyle Griffith:To look at the company.
Kyle Griffith:And benchmark certain areas.
Kyle Griffith:So you may be paying more for labor than your competitors are paying, right?
Kyle Griffith:So why are you paying?
Kyle Griffith:Paying more is cuz you have better employees.
Kyle Griffith:You have to bring better value.
Kyle Griffith:That may be the case, right?
Kyle Griffith:But you ly wanna benchmark.
Kyle Griffith:You know, you know, what's your turn on your receivables, how long
Kyle Griffith:you're taking to collect, right?
Kyle Griffith:So the first thing you wanna do a.
Kyle Griffith:Analysis of your business to see where the redundancies are and so on.
Kyle Griffith:That's the first thing, right?
Kyle Griffith:Look at the numbers where you can save.
Kyle Griffith:The next thing is that you need to assess your team because we all know, you know,
Kyle Griffith:there is 80 20 principle that, you know how, you know the 80 20 principle, right?
Kyle Griffith:Uh, you have.
Kyle Griffith:A hundred people in your workforce, 20 of them is probably doing the
Kyle Griffith:most smarter work and bringing the most revenue for your company.
Kyle Griffith:So you wanna first evaluate what the baseline is for your company, whatever
Kyle Griffith:your company morals are, right?
Kyle Griffith:As far as what you look for in someone, there are people that have certain ethics
Kyle Griffith:and if there's certain, uh, revision for your company, you want everyone in your
Kyle Griffith:company to, to be aligned with that.
Kyle Griffith:Right.
Kyle Griffith:Um, Once you establish that baseline, every employee that's below that baseline,
Kyle Griffith:either they need to get trained so they can meet that baseline or seed, or you may
Kyle Griffith:need to decide, you know, what you have to do with the bottom half, so to speak.
Kyle Griffith:So essentially you start working away from the employees that are
Kyle Griffith:not really committed to the process.
Kyle Griffith:And then hiring folks that are even more so committed.
Kyle Griffith:So over a period of time, even more efficient and, and,
Kyle Griffith:and productive workforce.
Kyle Griffith:So those are the two places I would start.
Kyle Griffith:And then you always wanna make yourself, put yourself in a position where you can
Kyle Griffith:get finance in whether you need it or not.
Kyle Griffith:Have those lines ready cuz you never know what you might need to make
Kyle Griffith:payroll or you need to make a, make a big order for a product cuz um,
Kyle Griffith:you have, you have a shipment that you wanna, um, fulfill and so on.
Kyle Griffith:So I would, I would, I would start there, Start with the books.
Kyle Griffith:Assess your books.
Kyle Griffith:Assess your, assess your team.
Kyle Griffith:Actually I only have one more tip, Kevin, if you don't mind.
Kyle Griffith:You wanna make your business more reliant on technology.
Kyle Griffith:And I say this because once you have a more tech enabled
Kyle Griffith:business, it's easier to scale.
Kyle Griffith:So some companies to scale, right?
Kyle Griffith:If they wanna go from, let's say 1 million to 2 million, right?
Kyle Griffith:You may have to hire five people.
Kyle Griffith:I'm just give an example, right?
Kyle Griffith:You're doing 1 million, you're gonna get 2 million.
Kyle Griffith:You may need to add five people in your team if your
Kyle Griffith:business is more tech focused.
Kyle Griffith:Instead of hiring five more people every year, you may need just
Kyle Griffith:maybe hire one or two more and then have the other part covered by a
Kyle Griffith:techno technology solution, right?
Kyle Griffith:So see how you can utilize technology to, to scale and um, you know,
Kyle Griffith:build your business that way.
Kevin Dieny:Wow, those are all really, really fascinating.
Kevin Dieny:You, you brought up the sort of interesting template and model
Kevin Dieny:for evaluating both like the, the recession and the threat side
Kevin Dieny:was external and internal things.
Kevin Dieny:And so you, when you just covered, okay, you gotta look at your financials,
Kevin Dieny:make sure you, you prepared there, you have a great understanding of
Kevin Dieny:what's going on in your business.
Kevin Dieny:That seems to me a lot of like, Okay, here's internal stuff you can look at.
Kevin Dieny:And then, you know, amidst like, External stuff, Not really having a
Kevin Dieny:lot of control on, but making sure your business, and it's something
Kevin Dieny:I've heard before too, is...
Kyle Griffith:Well, you can vote.
Kevin Dieny:Yeah hah hah.
Kyle Griffith:That's one way to have some control of external factors.
Kyle Griffith:You can go out and vote, but go ahead.
Kevin Dieny:Yeah, no, the, yeah, the internal, the external, political,
Kevin Dieny:economic, like there's a lot there that, and it kind of moves a little slower than
Kevin Dieny:the stuff that's happening internally.
Kevin Dieny:So like focusing on the internal side.
Kevin Dieny:You did, and you mentioned the technology thing.
Kevin Dieny:So automation, operational efficiency, seems to be the, the solution and the
Kevin Dieny:answer I was finding online most often was them saying, you know, this is
Kevin Dieny:something that you can push your business further with the same amount of money.
Kevin Dieny:You're already, you've, you've spent maybe, you know, it's taking what
Kevin Dieny:you're doing and making it go further.
Kevin Dieny:And that is something that seems to be reflected across a lot of research
Kevin Dieny:online is thriving in a recession is going to come from that piece of making
Kevin Dieny:sure you're running efficiently, right?
Kevin Dieny:That your business is doing the most it can with what it has.
Kevin Dieny:And then at the end of the day, it's like, look, if you're, if it's still.
Kevin Dieny:It's still driving you down.
Kevin Dieny:Like it's probably a strong external force that's happening.
Kevin Dieny:If you're doing everything you can internally, the external
Kevin Dieny:force is really strong.
Kevin Dieny:So then...
Kyle Griffith:But remember that that external force is affecting everyone.
Kyle Griffith:So we all in the same, you understand?
Kyle Griffith:So even though get external factors is not just affecting you, is affecting everyone.
Kyle Griffith:So, um, if you are looking for an exit or acquisition or valuation, you, you're
Kyle Griffith:still at the same level with your peers.
Kyle Griffith:So, yeah.
Kevin Dieny:And, and the other thing I, I, I came across a lot was making sure
Kevin Dieny:that the relationships with partnerships or anything like that is also still a
Kevin Dieny:strong, cuz again, you just mentioned we're all in this sort of, in, in this
Kevin Dieny:essence, all in this together, right?
Kevin Dieny:So if there are channels or partnership, partnerships or networks or anything
Kevin Dieny:that can help you either get education, networking or drive more
Kevin Dieny:revenue, bring you more employees or.
Kevin Dieny:Like maybe help you establish a good relationship with a supplier.
Kevin Dieny:Like those relationships are was mentioned are also extremely
Kevin Dieny:valuable during recession.
Kyle Griffith:A thousand percent.
Kyle Griffith:I mean, we, we all wanna help each other out.
Kyle Griffith:There are opportunities to connect folks and, and, and be a resource, I think.
Kyle Griffith:Yeah, when it comes down to it, when you're in businesses all about who you
Kyle Griffith:know and who's willing to help you, right?
Kyle Griffith:So if you keep yourself in good circles, in down times, you never
Kyle Griffith:know who can, who can come to your.
Kyle Griffith:So, yeah, your, your network is, uh, directly important
Kyle Griffith:to your net worth, right?
Kyle Griffith:That's what the that's where the saying goes.
Kevin Dieny:Yeah.
Kevin Dieny:Now, one of the last questions I want to touch on is a little
Kevin Dieny:bit more of the emotional side.
Kevin Dieny:So how, how are businesses surviving?
Kevin Dieny:The anxiety, the stress, the pressure that, you know, a downturn or recession
Kevin Dieny:can bring, like from the experience of maybe clients you've worked with.
Kevin Dieny:Stressful just to be a business leader.
Kevin Dieny:, So like the recession is just like another thing.
Kevin Dieny:There's pushing up.
Kevin Dieny:So like the anxiety of the recession, like some people are reading everything
Kevin Dieny:and it's making them more anxious, so...
Kevin Dieny:hah.
Kyle Griffith:Yeah, don't read, don't read that stuff.
Kevin Dieny:So how?
Kevin Dieny:How business are like...
Kyle Griffith:Oh, my TV doesn't come on.
Kyle Griffith:My TV's off, my kids watch.
Kyle Griffith:Stuff in their rooms.
Kyle Griffith:But, um, no, that, that negative news and the TV can put you in a downward spiral.
Kyle Griffith:So, no, you wanna stay empowered.
Kyle Griffith:So my, my clients, what?
Kyle Griffith:I'll tell you, Kevin, so I have one client, he got, you know,
Kyle Griffith:hit, you know, I wouldn't say pretty hard cause he's doing okay.
Kyle Griffith:He just likes playing volleyball and basketball.
Kyle Griffith:That's his time off.
Kyle Griffith:That's his recreation.
Kyle Griffith:You know, he goes out, you know, he plays with his friends.
Kyle Griffith:Um, he goes out to music festivals, you know, um, spends
Kyle Griffith:great time with his, um, family.
Kyle Griffith:You know, remember mentioning before you wanna take time to do some research.
Kyle Griffith:There's a good time, you know, You know, pick up a book,
Kyle Griffith:you know, read a great book.
Kyle Griffith:Take that trip.
Kyle Griffith:Have another client that loves golf.
Kyle Griffith:And he built, uh, a virtual golf thing in his office.
Kyle Griffith:, when he can't go out, he's there.
Kyle Griffith:But then he's, he was in Pennsylvania now last week is in Pennsylvania,
Kyle Griffith:um, for an out in with the family.
Kyle Griffith:So, hey, when, when it comes down to it, I think your helped and your
Kyle Griffith:wellbeing is most important, right?
Kyle Griffith:Was this, what's, what's worth to having all the money in the world if
Kyle Griffith:you can't enjoy it with your family?
Kyle Griffith:Right?
Kyle Griffith:So, um, you know, that comes first.
Kyle Griffith:I highly recommend that you, you work with a coach or a, um, I
Kyle Griffith:don't wanna say therapist, but.
Kyle Griffith:I mean, quite frankly, it's stressful and you could actually bring in, you know, if
Kyle Griffith:you work with someone that you, that you like, you could actually bring that in.
Kyle Griffith:You know, you can make it part of your company culture where you can
Kyle Griffith:have, you know, have a wellbeing.
Kyle Griffith:You have some folks come in and this is like a spa day, right?
Kyle Griffith:Uh, I have one of my clients that does that.
Kyle Griffith:They have a spa, comes in and gives all the, um, You know, all the staff there,
Kyle Griffith:they, manny pennies and, and get their facials and all that, all that cool stuff.
Kyle Griffith:Um, you know, just think of ways that, um, you could treat, you know,
Kyle Griffith:treat your staff, make them know that you're thinking about them, right?
Kyle Griffith:Uh, even the smallest things.
Kyle Griffith:Smallest things help.
Kyle Griffith:Um, yeah, I, I'll, I'll do that.
Kyle Griffith:Just think about things.
Kyle Griffith:What, what drives you?
Kyle Griffith:What makes you passionate?
Kyle Griffith:If you have to spend a weekend by your grandkids, you know, hold, hold the
Kyle Griffith:babies and, and, um, You might reconnect with why you're really doing this.
Kevin Dieny:You know?
Kevin Dieny:Yeah, no, I think that's, I think in this topic there's a lot.
Kevin Dieny:There's, Okay, here's the threat.
Kevin Dieny:Here's the opportunity, here's why you would want, where you should go,
Kevin Dieny:why you could do what you would wanna do, and then why are you doing this?
Kevin Dieny:Like, there's a lot wrapped up in this topic of, okay, this is something
Kevin Dieny:like, there's a hurdle coming ahead, how you're gonna meet it.
Kevin Dieny:There's a lot of questions to be to consider.
Kevin Dieny:I think.
Kyle Griffith:Hey Kevin, I watch this video lately.
Kyle Griffith:Yeah.
Kyle Griffith:Um, I don't spend much time on social media.
Kyle Griffith:When I do get on for some reason, I get some really fascinating stuff.
Kyle Griffith:Um, there was a race, um, this child, she maybe nine years old.
Kyle Griffith:You mentioned hurdles, so I dunno if you saw it.
Kyle Griffith:So she was running and she fell on either the first or second hurdle
Kyle Griffith:and you know, hurdles are right.
Kyle Griffith:Yeah.
Kyle Griffith:Every second counts.
Kyle Griffith:Yeah.
Kyle Griffith:So I've seen, you've seen these types of videos before, but this particular one,
Kyle Griffith:when I saw her, it's like, it's no way.
Kyle Griffith:Like you gotta know it's gonna end, but it's like there's no way
Kyle Griffith:this girl's gonna catch up with the other girls in this race.
Kyle Griffith:And I was like, Wow.
Kyle Griffith:I was like, She fell down.
Kyle Griffith:I'm getting chill to been talking about this man.
Kyle Griffith:She fell down and I, she was like so far behind and she pushed and she pushed.
Kyle Griffith:But guess what?
Kyle Griffith:Remember we was talking about the marketing taking in front of the gas?
Kyle Griffith:Yeah.
Kyle Griffith:In, in a downtime, the lead of that pack.
Kyle Griffith:Hey, um, you know, I'm just gonna take my foot off the gas because I'm doing fine.
Kyle Griffith:I'm, I'm cool.
Kyle Griffith:Here, let me, let me cut back a little bit.
Kyle Griffith:And it's always that one business, it's always that one entrepreneur that
Kyle Griffith:don't have to quit in them, right?
Kyle Griffith:That has that fight in them.
Kyle Griffith:And that's what this girl has.
Kyle Griffith:She had to fight.
Kyle Griffith:She jumped all of the hurdles and she came back all around and she won.
Kyle Griffith:Gosh, crazy.
Kevin Dieny:Yeah.
Kevin Dieny:I love things like that.
Kevin Dieny:I love that.
Kevin Dieny:Cuz it's, it's something that's applicable to, to you.
Kevin Dieny:You could be like, Okay, that's me in this situation right now.
Kevin Dieny:How, how am I gonna overcome, How am I gonna figure this out?
Kevin Dieny:Can I figure this out?
Kevin Dieny:You know?
Kyle Griffith:Yeah, sometimes you have to be in that position and our
Kyle Griffith:natural instincts can get kicking.
Kyle Griffith:Yeah, go in survival mode and that it just, just, it just kicks in.
Kyle Griffith:So I, I don't, From what time you have, I, I wanna leave everyone with this, right?
Kyle Griffith:I had a, a coach that, that I was working with a couple years ago,
Kyle Griffith:and I'll never forget what he said.
Kyle Griffith:You must always have low highs and high lows.
Kyle Griffith:And here's what that means.
Kyle Griffith:When you're doing good, right?
Kyle Griffith:You're on high, you're on cloud nine, you know the registers
Kyle Griffith:is coming in, your business is coming, you're doing great, right?
Kyle Griffith:You wanna get excited, but you don't wanna get too excited.
Kyle Griffith:Because you don't ever forget where you came from, right?
Kyle Griffith:So you don't want to get so excited you go take these trips, blow all that
Kyle Griffith:cash, and you know, forget what got you there, and you start slipping.
Kyle Griffith:You always have to forget, remember where you came from.
Kyle Griffith:So you keep pushing and pushing and pushing to keep going up that hill.
Kyle Griffith:And, you know, life is a journey, right?
Kyle Griffith:It's a process.
Kyle Griffith:It's never gonna end.
Kyle Griffith:It's gonna end some point.
Kyle Griffith:But while we hear, we've taken one step again to, to that future, right?
Kyle Griffith:So you wanna keep going, then you wanna have high lows.
Kyle Griffith:When you're at the bottom of that hill, when you're in a recession,
Kyle Griffith:when times is really bad, guess what?
Kyle Griffith:You kicked ass before and you're gonna kick ass again Like you've
Kyle Griffith:been here, like we are entrepreneurs, we have business people.
Kyle Griffith:We have been through this, this, you know, we have that muscle memory kick
Kyle Griffith:in and you start going back up the hill.
Kyle Griffith:So, hey, we, we always had recessions and we've always bounced back.
Kyle Griffith:So if it's one thing can leave your listeners with, you know, keep on pushing.
Kyle Griffith:Never stop, keep going this night.
Kyle Griffith:Just, just do it.
Kevin Dieny:I think if anything, we've talked all the most about like
Kevin Dieny:figuring out where you are so you can, so you can feel a little bit
Kevin Dieny:more confident, like figure out what is going on in the business or what's
Kevin Dieny:going on in an opportunity so you can.
Kevin Dieny:So much of this seems like it's a motivational pitch, but honestly,
Kevin Dieny:the optimism of, of the business, uh, definitely has an impact on how it's gonna
Kevin Dieny:survive the, the downturn of recession.
Kevin Dieny:So, um, we've talked about what the recession is, what it could mean,
Kevin Dieny:the threats, the opportunities.
Kevin Dieny:Um, we've talked about some of the things that are happening to
Kevin Dieny:businesses right now, and also we've also talked a, you know, again,
Kevin Dieny:we've, we've been focusing a lot on.
Kevin Dieny:That there is opportunity, that there is, there's hope that, there's the
Kevin Dieny:vision, there is the strategy out there, and everyone is, everyone's
Kevin Dieny:going through ups and downs in ears.
Kevin Dieny:So it might be your turn to struggle right now, or your turn to be on
Kevin Dieny:top, but you know, , like there's, there's a good path forward.
Kevin Dieny:So that's sort of like a brief summary, but, uh, I really
Kevin Dieny:appreciate you coming on Kyle.
Kevin Dieny:And again, if there's anyone who's.
Kevin Dieny:Interested in reaching out to you, finding you, connecting with you,
Kevin Dieny:what are the best ways that you would have them, uh, connect with you?
Kyle Griffith:So well, Kevin, first of all, I appreciate you.
Kyle Griffith:I was joy.
Kyle Griffith:I, I feel like we having like a conversation.
Kyle Griffith:We at the bar, we had a coffee table just having a conversation about this
Kyle Griffith:because, um, I, I love this stuff man.
Kyle Griffith:I appreciate it.
Kyle Griffith:I'm very passionate about this, so yeah, everyone get gets a hold of me.
Kyle Griffith:Uh, so my website is the thenybbgroup.com, the, N Y B, B
Kyle Griffith:as in New York Business Brokerage.
Kyle Griffith:thenybbgroup.com.
Kyle Griffith:that's my main website.
Kyle Griffith:My entire team is there.
Kyle Griffith:We've been doing this for almost 20 years.
Kyle Griffith:Um, so we can help you.
Kyle Griffith:Any of your business acquisition or business sale needs.
Kyle Griffith:Evaluation needs.
Kyle Griffith:Um, I love LinkedIn, man.
Kyle Griffith:LinkedIn's come a long way.
Kyle Griffith:Yeah, and I've been spending a lot more time there having fun.
Kyle Griffith:So, um, I've been doing some more pods.
Kyle Griffith:Launched my podcast exclusively on LinkedIn.
Kyle Griffith:It's called Kyle Sells Biz Off The Record.
Kyle Griffith:Awesome.
Kyle Griffith:Um, so you can find me there if you want to hear some more of my banter.
Kyle Griffith:And it's off the record is not recorded, so you know, you join in, you, you get
Kyle Griffith:my stuff and you can't hold me to it, you know, So , so yeah, LinkedIn, there's Kyle
Kyle Griffith:at LinkedIn, or there's Google my name.
Kyle Griffith:You're gonna find me in a couple different places, but, um, my
Kyle Griffith:website or on, on LinkedIn.
Kevin Dieny:Awesome, great, thank, thank you so much for coming on call.
Kevin Dieny:It's always a pleasure and I, I love the, just the open candor we, we have
Kevin Dieny:and the te and the jokes and the, the serious topic we can take on and, and
Kevin Dieny:explore and, and ultimately to help businesses and, and other leaders out
Kevin Dieny:there through, or, you know, finding themselves in an interesting position.
Kevin Dieny:And yes, they can grow their business, I think is a very
Kevin Dieny:encouraging message that we both have.
Kyle Griffith:Yeah, man, we can do it, man.
Kyle Griffith:Let's, It's a podcast like this.
Kyle Griffith:This gives you inspiration.
Kyle Griffith:There are people like you all across the world that are going through
Kyle Griffith:the same thing and, you know, get some mentorship, get some people
Kyle Griffith:in your corner, can support you.
Kyle Griffith:So thank you Kevin.
Kyle Griffith:I appreciate the opportunity and, um, looking forward to,
Kyle Griffith:It's gonna be a third time.
Kyle Griffith:I don't know.
Kyle Griffith:They might not want me back after this, right?
Kyle Griffith:So we'll see.
Kyle Griffith:Oh, I love it, but it might get tired of me right now.
Kyle Griffith:But thank you so much for the opportunity to come back and, and, you know, share
Kyle Griffith:and connect with you and your audience.
Kevin Dieny:Yeah.
Kevin Dieny:Thanks everyone for listening to this episode, and I hope, uh, you
Kevin Dieny:feel encouraged about what, what you can do in your business and, uh,
Kevin Dieny:look forward to the next topic, the next episode, next, uh, coming up.
