With inflation still at an all-time high, many businesses are riding the struggle bus. 🚌😖 And many are still trying to stand up straight after the pandemic pulled a Tonya Harding on 'em. ⛸️
It seems like a recession is fast approaching, and not in a sleigh-with-a-cute-team-of-reindeer kind of way - #notjingling 🎅🏼. The good news? There are ways to make the ride less bumpy.
Here’s Five Fast Facts on how to recession-proof your small business :
- 💰 Be a Spending Scrooge - Just like the penny pinching you're probably doing at the grocery store and gas pump, take a gander at your business spending and cut out unnecessary costs. Get rid of services you don't need and pause or cancel unused subscriptions. Little changes here and there can really add up!
- 💵 Boost Your Cash Flow - Cash is king, and when there's more of it in your biz bank account, the better you'll be able to weather Hurricane Recession. Find a way to sell that inventory that's collecting dust on your shelves and cook up some creative sales to boost your cash flow. If you're 100% brick and mortar, this is the perfect time to take a crack at selling your goods and services online!
- 🔬 Scrutinize Staffing - No one likes to let good employees go, but cutting staff can save you a whole lot of money. Take a good look at your employees and be honest with yourself on whether you truly need them. On the flip side, make sure your top employees get the VIP treatment, since you'll need them to stick around when times get tough.
- 🤠 Lasso in Those Loans - If you've been meaning to take out a business loan, now might be the time. Look into options from the Small Business Association (SBA) or consider opening up an emergency business credit card. Check your local community for funding resources and available grants.
- 🎤 Use Your Words - If you've fallen on hard times, don't be afraid to communicate that to your customers. Your relationship with them is based on trust, and the last thing you want to do is turn them away. Let them know if you're going to be late on orders or if you're having supply chain issues. If you have to close down for a bit, keep your customers in the loop so they're waiting for you when your doors reopen.
🔥Bottom line: Recession rumors send people into a panic spiral, but taking steps to plan ahead could really save your small biz behind! And remember, the economy cycles through mood swings all the time, just like your zit-popping 13 year old. Nothing bad lasts forever, and being smart and savvy can help you come out of this downturn on top.
Have you taken any steps to recession-proof your biz?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
