Tuesday, June 18, 2024

How to Set Up Your Business to Survive a Recession, Depression, or Crisis

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Small companies do not have the deep pockets of national and global corporations. Because of this, when a downturn hits, small businesses don’t have much margin for error. If your business is not prepared for a recession, you’ll likely have only a month or two to come up with a winning game plan before you run out of cash. In contrast, if your company has prepared for bad times well in advance, you’ll be as well positioned as possible to not only survive, but possibly even thrive.

If you’re a small business owner or manager and you want to take steps to protect your business from the ravages of recessions, depressions, or economic crises, download the infographic below: 15 Tips to Help Your Business Weather a Recession. The infographic’s tips cover a broad range, from financial management to marketing to operations.

Some aspects of preparing for a recession call for an attitude of ruthless efficiency. This is especially important when it comes to the difficult issues of cutting expenses and re-engineering jobs. Other aspects of recession protection involve creative thinking. This can be much harder than cutting expenses, but successful small businesses often owe that success to their ability to develop new products, find new revenue streams, and create local partnerships that enable them to maintain steady revenues even when their core, traditional market slows down.

Cash is perhaps the most immediate need a small business heading into troubled waters has, as the infographic makes clear. Debt, negative cash flow, and the inability to obtain loans are hindrances when a small business is suffering reduced revenue and profits. You’ll notice that all 15 of these tips always come back to cash in one way or another, either by adding to revenue or reducing the break-even point.

If you find your company is already facing hard times, don’t think this infographic is “too little, too late.” Many of these tips can be implemented quickly and effectively, and there is no time like the present to get started on long-term issues. To learn more, please continue reading the infographic now.

Disclaimer: The information provided in this infographic is for informational purposes only and should not be construed as legal, financial, or tax advice. Readers should contact their attorneys, financial advisors, or tax professionals to obtain advice with respect to any particular matter.

Infographic created by Clover Network

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