There are many factors in business ownership that we can’t control, and the world economy is one of them. Whenever even a single economist mentions a possible recession, it can be terrifying for business owners.
For many business owners the first reaction is denial. The second is to start cutting costs without thinking about whether those are “good costs” or “bad costs”.
Good costs are things that actively help your business thrive. Bad costs are expenses that you can probably do without. Advertising, for instance, is generally a good cost while paper and ink might be bad costs… but not always.
And denial? Well, that never helps anything.