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How do you prepare for a recession?

The good news is that there are ways to prepare for a recession before it impacts your business. 1. Cut spending The time to cut down on spending is before a recession begins. Start by tracking cash flow better. And if you're not currently tracking cash flow at all, now is the time to start.

How can I Help my Small Business during a recession?

You can also consider taking out a line of credit to alleviate cash flow difficulties. If you really fall on hard times, look into disaster relief. There are several government-issued programs that help bolster small businesses when times are tough — especially during a recession. Your local SBA office is a good place to start.

How can business leaders prepare for a recession?

Business leaders should consider near-term adjustments to their strategy, pricing, or product mix to prepare for a potential recession. Additionally, negotiating agreements with strategic suppliers or exploring outsourcing functions to a more efficient vendor are viable options. Whether or not a recession materializes, business leaders should be prepared for multiple scenarios.

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