A recession isn’t a death rattle for all businesses, though. With the right strategy, you can fend off a recession, and we’ve tapped a wide range of business experts, entrepreneurs, and founders to provide you with some advice on how to survive the upcoming recession in 2023.
Take Care of Your Money
The first thing many business owners think about when a recession hits is money, which is a good idea. In all likelihood, profits are going to be lower and costs are going to be higher, so keeping track of your funds in a more comprehensive and detailed way can make a big difference for getting through the toughest of times. Your best bet is to make a plan and stick with it. Take stock of your finances, find areas that can be profitable, and invest. Likewise, there are likely some areas of your business that don’t directly contribute to your revenue stream that can be tabled until the recession is in the rear-view mirror. Simply put, it’s all about planning.
Focus on Priorities
Money is always at the forefront of the mind during a recession. However, if you want to make it through these tough times, you’re going to need to keep in mind that money isn’t the only thing that keeps your business running. In fact, there’s another, arguably more important asset that drives your business to succeed more than anything else: people. That’s right, your customers are key to your success, but they aren’t the only people that make sure your business functions properly on a day-to-day basis. Your employees will also need some attention, particularly given that a recession is likely taking an even heavier toll on them than on your business.
Ask for Help
Recessions put a serious strain on economy, but the government is designed to help in these kinds of situations. If you don’t think you’ll make it through the worst it, you should absolutely investigate some government assistance programs that can give you a little help when the cards are down. Those that consider asking for help as weak are rarely in a good position when hard times come along. The government can obviously provide assistance, but if you really want to ensure your business can make it through the recession, you’ll want to branch out and ask from help whoever is in your corner.
Get Creative
It’s easy to maintain the status quo when times are good. Unfortunately, during recessions, doing the same stuff that always worked won’t pay off, as the times they are a-changing. The key to surviving a recession is to get a bit creative with how your business operates. Don’t just be creative for the sake of creativity, though. Branching out from your standard operations requires specific planning and concrete strategy to ensure that you aren’t going too far out on a limb. But if you can get creative and prepare effectively, the sky is truly the limit. [/vc_column_text][/vc_column][/vc_row]
title: “Business Owners Share Their Best Recession Tips For 2023” ShowToc: true date: “2022-12-29” author: “Joseph Bosley”
A recession isn’t a death rattle for all businesses, though. With the right strategy, you can fend off a recession, and we’ve tapped a wide range of business experts, entrepreneurs, and founders to provide you with some advice on how to survive the upcoming recession in 2023.
Take Care of Your Money
The first thing many business owners think about when a recession hits is money, which is a good idea. In all likelihood, profits are going to be lower and costs are going to be higher, so keeping track of your funds in a more comprehensive and detailed way can make a big difference for getting through the toughest of times. Your best bet is to make a plan and stick with it. Take stock of your finances, find areas that can be profitable, and invest. Likewise, there are likely some areas of your business that don’t directly contribute to your revenue stream that can be tabled until the recession is in the rear-view mirror. Simply put, it’s all about planning.
Focus on Priorities
Money is always at the forefront of the mind during a recession. However, if you want to make it through these tough times, you’re going to need to keep in mind that money isn’t the only thing that keeps your business running. In fact, there’s another, arguably more important asset that drives your business to succeed more than anything else: people. That’s right, your customers are key to your success, but they aren’t the only people that make sure your business functions properly on a day-to-day basis. Your employees will also need some attention, particularly given that a recession is likely taking an even heavier toll on them than on your business.
Ask for Help
Recessions put a serious strain on economy, but the government is designed to help in these kinds of situations. If you don’t think you’ll make it through the worst it, you should absolutely investigate some government assistance programs that can give you a little help when the cards are down. Those that consider asking for help as weak are rarely in a good position when hard times come along. The government can obviously provide assistance, but if you really want to ensure your business can make it through the recession, you’ll want to branch out and ask from help whoever is in your corner.
Get Creative
It’s easy to maintain the status quo when times are good. Unfortunately, during recessions, doing the same stuff that always worked won’t pay off, as the times they are a-changing. The key to surviving a recession is to get a bit creative with how your business operates. Don’t just be creative for the sake of creativity, though. Branching out from your standard operations requires specific planning and concrete strategy to ensure that you aren’t going too far out on a limb. But if you can get creative and prepare effectively, the sky is truly the limit. [/vc_column_text][/vc_column][/vc_row]
