From the course: How to Protect Business Profits in a Financial Downturn

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Recession for small businesses

Recession for small businesses

From the course: How to Protect Business Profits in a Financial Downturn

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Recession for small businesses

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- Maybe you've heard the phrase to tighten your belt, it refers to a period where you're expecting business to be leaner and things to be tougher. That's what you should be expecting, going into a recession, that business will be tougher, profits will be tighter. A recession's a period where a lot of negative economic things happen. Consumers don't want to spend, businesses are reluctant to invest. The unemployment rate goes up, people lose their jobs and we might see failures of businesses, both large and small. The best thing a small business owner can do when facing a recession is to try to keep the cash flow positive. To address costs, look at the ones that make the most sense and keep spending there, but look at the things that don't make sense and be sure to cut those costs as much as possible. If a business is making the right decisions, it'll help them survive the downturn. The main goal of a…

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