"6 Expert Strategies to Recession-Proof and Protect Your Business"
17 Aug 2024
"6 Expert Strategies to Recession-Proof and Protect Your Business"
The time to recession-proof your business is now, warns Belinda Rosenblum, CPA and money strategist for entrepreneurs. She emphasizes the importance of taking control of your cash flow, building multiple revenue streams, and investing in client relationships. Rosenblum advises business owners to clarify their messaging, attract ideal clients, and monetize expertise with a clear strategy and profitable business model.
Jennifer Allwood, a business coach, highlights the necessity of having diverse revenue streams to maintain income stability. Susan McVea, a business sales strategist, encourages focusing on existing client relationships, as satisfied customers are more likely to bring repeat business and act as ambassadors. Ariana and Tom Sylvester, business consultants, suggest building your business with the intent to sell, ensuring it doesn’t rely solely on you.
Brandon Lucero, CEO of SoldWithVideo.com, recommends creating a unique business identity that appeals to a specific demographic, helping it stand out even during tough times. Lastly, securing financing before it's needed is crucial, as lenders may tighten lending standards during a recession. Preparing now with a strong financial strategy can help your business survive and thrive in any economic climate.