The key to surviving economic upheaval: adapting your products and services

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High inflation and a slowdown in the overall economy are giving consumers pause about when to open their wallets, impacting companies across industries. Many firms, particularly those that service other businesses, are altering their products and services to help ensure their clients survive the downturn. Those who successfully adapt are in turn protecting their own long-term growth.

The days of grow-at-all-costs are now of a bygone era and a new reality is setting in, in which cash is king and investors prize profitability. Whether a business is private, has investor funding or a traditional loan, this environment requires a new approach. This year’s LinkedIn Top Startups exhibit that flexibility.

In a #BusinessReimagined article on LinkedIn, one of the founders on the list — Ross Lipson from cannabis e-commerce platform Dutchie — shares how his firm has added new products to help the small businesses that use its platform succeed, and what that change means going forward.?

What changes are businesses making now to maintain profitability? What adaptations have you seen work well, and which are missing the mark?

Latest Developments

• Despite a host of economic headwinds, including inflation and growing recession fears, companies are choosing to hold onto their workers through the downturn rather than risk a later labor shortage.
• Retail brick-and-mortar stores are on the rise as vacancy rates continue to drop.
• A new Gallup poll shows that hybrid workers feel the most connected to their company’s culture.
• Global trade is not only slowing but going in reverse as cargo companies cancel ships along the busiest routes right as consumers normally gear up for the holiday season, displaying a sharp decline in sentiment about the economy.

Conversations For You

• Onboarding a team or even one employee remotely is tough, and despite doing it for two years, most companies are still figuring it out. One entrepreneur has this advice .
• This CEO says founders need to cultivate a personal brand to be successful.
• Gen Z is jumping into the entrepreneurial fray. A member of the generational cohort has these 10 tips for those looking to join the startup scene.

Something Good

• Ok, bear with me for a moment. I have questions. 1. How are we still using those backdrops in which no one is flattering for school photos? 2. People still get school photos taken…? 3. Is this cat up for adoption ?