How to Manage Your Business in a Recession

Description

“Cash is the lifeline of your business. You don’t want a recession to destroy you financially.”

— Melissa Houston

How many headlines have you read lately that mention the word “recession”? Analysts, politicians, and economists have been warning of an impending recession for quite some time now… but what does this REALLY mean for you and your business?

This episode covers the down-and-dirty, nitty-gritty of the coming recession: what exactly a recession IS, when it’s going to happen, what we can expect, and how it may affect your business going forward. You’ll learn how to be proactive and what you can put in place in order to minimize the recession’s negative impact on your business and your wealth.

Remember: recessions are a normal part of the business cycle and happen every ten years or so, so these lessons will last you a lifetime!

In‌ ‌this‌ ‌episode,‌ ‌you’ll discover:‌ ‌

How to start building up a cash reserve so that you’re ready to deal with future cash shortages
Why now is the best time to apply for a line of credit or a business loan
How being proactive with your business finances can actually help you combat imposter syndrome

Highlights:‌ ‌

00:50 Intro

02:26 Strain on small businesses

03:22 What is a recession?

04:44 What happens in a recession?

06:40 Be proactive about your finances

09:45 Start reserving your cash

11:41 Apply for lines of credit or loans

12:45 Trim excess expenses

13:54 Monitor your numbers

15:47 Get creative with sales

17:01 Cash Confident Course