Ep #27: How to Recession Proof Your Business
Recessions are a natural part of the economy and come with a number of challenges that are out of our control. How can owners best position themselves and their business to thrive in this environment? It all comes down to preparation and setting yourself up for an advantage. Listen in as I discuss 8 ways to recession proof your business.
LISTEN TO THE FULL EPISODE:
WHAT YOU’LL LEARN:
- How to make sure you have access to capital
- The importance of having a strong financial history
- How much to keep in an emergency account for your personal and business expenses
- Why you should evaluate your cashflow and expenses
- Five ways to niche your business down
- How to manage old inventory and receive a tax benefit
- How to pay quarterly estimates online
IDEAS WORTH SHARING:
- “Recessions are natural in the economy. Position yourself and your business to take advantage before they happen.” - Tom Poltersdorf
- “Review your expenses. If it doesn't contribute to the bottom line, get rid of it.” - Tom Poltersdorf
- “Prioritize your team when times are tough. They will be the ones to carry you to a successful exit.” - Tom Poltersdorf
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