BIRMINGHAM, Ala. (WBRC) – There continue to be many questions about the recession and while some are pessimistic about what’s to come, others are optimistic.
Ted’s restaurant owner is confident they will be fine.
“I firmly believe in me and my wife – we will find a way to survive,” said Tassos Touloupis. “Ted was founded in 1973 and has been through a lot. He survived.”
The restaurant opened in It went through the 2008 recession and the Covid-19 pandemic.
Playbook Editor-in-Chief Ty West says many small businesses feel the same way.
“So we’re seeing a lot of pessimism about the global economy, we’re seeing a lot of pessimism about the national economy and we’re still seeing a good percentage of small businesses that are optimistic about their domestic business right now,” West said.
He said many businesses in the metro-Birmingham area don’t feel threatened. In the event of a recession, the South tends to hit the bottom, he added.
Tulupis said the pandemic has taught them many lessons about how to survive each day, even with uncertainty. As a result, they are prepared if the economy falls sharply.
He added: “My husband and I have taken a strong position to increase our cash flow. “We don’t want to have $100 in cash in our pockets, we want to have some cushion in our operating account.”
“What you’re seeing is a lot of businesses are getting smarter and thinking about diversifying their revenue streams,” West said. “You’ve got some opportunities out there, so you’re seeing businesses that are doing well that have been proactive enough to really think about these things.”
Both West and Tulips say small business owners must move with the tide to stay afloat.
“We have to adapt,” Tulupis said. “If you can’t be a captain, you’d better pack up and go somewhere to retire.”
If a recession were to happen soon, it would look very different from the 2008 recession, West added. The best thing to do now is prepare for the worst and hope for the best.
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