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I lost my small business in the Great Recession but at least I learned how to prepare for the next one

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I lost my small business in the Great Recession but I learned how to prepare for the next one

survey, business owners were asked about the potential for a recession. Nearly two-thirds of small business owners said current business conditions are good or excellent, while 43% said they are concerned that a recession will impact the success of their business in the next year.

I applaud any business owner who is willing to meet adversity head-on and not let it keep them from reaching their intended goals. As Marcus Aurelius once said,However, it's foolish for the same business owners to battle adversity without having a strategic plan, along with a backup plan, if they want to survive in one piece. Here are five ways to get your business ready if/when a recession hits our economy.I cannot emphasize this point enough.

What if a recession hits our business? What if the bank pulls our line of credit? What if our largest customer goes out of business and takes our receivables with them? What if we lose our top salesperson?

 

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Happy for him/ her. Lost mine. Yet to recover all the money I lost.

Are you ready The next one starts before month-end

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