Since mid 2022 we’ve been hit with news, that it’s 20% likely that by 2023 we would be heading into a recession by the end of the year. 53 days into 2023 and the probability of recession has already risen by 6%.
This isn’t the first recession we’ve had and won’t be the last, but for some business owners, it’s likely to be the first they may experience as a business owner. Now, as business owners we’ve been tested in recent times with the Pandemic, but will the recession we’re likely to have, resemble the struggles we had during the Pandemic?
This has prompted me to ask the question … If you’d been able to insure your business against the Pandemic, would you have?
And if so … Are you therefore preparing for the recession having been warned that one is likely? Let’s chat about this … A x
Key points throughout the episode ..
- What is a recession [02:45]
- How do we get to this point [03:13]
- How you can recession proof your business [08:28]
- Take care of your cashflow [08:46]
- A solid solution to future proof your cashflow [09:42]
- Discussion on debt [11:16]
- Inventory Management and the role it plays in recession proofing your business [12:07]
- Prioritise your customer service with exisiting clients [12:50]
- Never stop marketing your business brand [13:29]
- The upside ... yes there is one [14:29]
- My final thought [15:02]
Relevant links mentioned throughout ...
The Small Business Cashflow Course www.amybajada.com.au/sbcc
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