Businesses that thrive in any economy share certain characteristics:
They provide an essential service, they fill a niche, or they solve a problem in a unique way, their engaged employees retain customers and increase repeat sales. If you serve your market, and serve it well, build customer loyalty and choose a start-up that can remain competitive no matter where the economy goes.
Think it is too late to “recession proof” your business? Think again.
The two best times to start the process is when the business first opened and NOW! Here are some tried and true strategies to recession-proof your business:
• Create a cash-flow plan: Nothing happens without a plan. Then stick to it.
• Create a cash reserve: You will need it as you begin making your business “recession proof.”
• Get rid of the debt: This is what got you here in the first place.
• Make that small cash reserve bigger: Now that the debt is out of the way, go back and beef up that cash reserve account. Having three to six months of operating expenses set aside
• You did it! If you get to this point, it is safe to say that your business is “recession proof.”