Talks of an impending economic recession, whether it’s forecasted to be a rain shower or a torrential downpour, can be stressful for all business leaders. No matter what actually unfolds, it’s a good idea to prepare for the road ahead in order to mitigate the worst impacts on your business.
Some advice is universal and applies to any economic downturn, such as:
Protect cash flowReevaluate unnecessary expensesSolidify relationships with customers What’s happening today?
However, there’s nothing conventional about today’s economic landscape. The strange blend of factors that we’re currently experiencing make the looming recession unlike any other: