From the course: How to Protect Business Profits in a Financial Downturn
The small business challenge
From the course: How to Protect Business Profits in a Financial Downturn
The small business challenge
- Recessions can be challenging times for small businesses. There's a risk that you'll lose business, that your corporate profits will fall and the future of your business might even be called into question. But while there are risks, there are also opportunities. Opportunities to cut costs, reduce overhead, and improve profitability. I'm Jason Schenker and I've been an economist and consultant for over 15 years. I'm here to share with you some of the secrets for small businesses to be recession-proof. To capture upside in a downturn. We'll look at different ways to reduce your cost but also ways to capture new business in recession-proof industries to help your business prepare for the recovery that comes after a downturn. The most important thing to know is that cash is king, especially for a small business in a recession. As long as you keep the cash flow positive, your business will hold on and be even better prepared to grow once the economy recovers.
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