How Small Business Owners Can Make It Through The Recession

Even though recessions are "normal", that doesn't make them suck any less. If your business made it through the pandemic, a lot of the things you thought about and did for that are applicable here. In this episode, we talk about how not to freak out later and what you can do when people around inevitably do start freaking out. 

What you can do now to not freak later

  • Pay off the debt you have (personal or business) because it frees up cash in the future

  • Save money now to bulk up your cash reserves

  • Make sure you have a few ways to make money (revenue streams) because you can lean into or out of things in reaction to people's spending habits

  • Review what it costs you to make your product or provide your service and make sure it is an efficient spend

What you can do when people start freaking

  • Manage your cash flow (shorter payment terms like net 30 or 45 instead of 60)

  • Focus your energy on marketing but don't make assumptions, survey your customers if possible to help you come up with the right messages

  • Don't worry about the people who have tight budgets, there are always people who have money to spend (remember COVID?)

Samantha Welker