“If you’re a small business owner facing an oncoming economic downturn, it’s fair to wonder how a business can prepare for a recession while still accomplishing everything that needs to be done just to keep the lights on.”
In this 2022 article from the ‘Simply Business’ website, Emily Thompson provides advice on how to recession-proof a small business. She emphasizes the importance of balancing offensive and defensive strategies during an economic downturn. Thompson suggests that businesses should not be afraid to show their competitive side and find realistic ways to outperform their competition. She also highlights the importance of continuing marketing efforts, even during a recession, and suggests lower-cost approaches such as digital marketing. Thompson advises businesses to set specific and measurable sales goals, innovate to solve real customer problems and manage cash flow carefully. She also recommends cutting back on unnecessary expenses, providing high-quality customer service, and preparing for a recession even when the economy is up.