Here is a
#strategy checklist you can refer to to ensure that you and your
#business are in a strong position before a recession:
- Do you have corporate funds? Having a cushion of cash on hand can help you weather any financial storms that come your way.
- Clients' open commitments, accounts receivables. Do you have a lot of clients who owe you money? High levels of outstanding balance is always hard to recover, but it can be especially hard during a recession. So keep your pipeline clean and healthy and make sure you have proper strategies of recovering debts.
- Client diversification. If you rely on just a couple of clients, you may be more vulnerable during a recession. Consider diversifying your income streams to make your financial situation more resilient.
- Strong client relationships. Building strong relationships with your customers can help you retain their business during a recession. Recession times increase cost of obtaining new customers, so make sure your current clients are happy with your services.
- Flexibility and ability to keep pace with market trends. Pay attention to economic indicators and market trends so that you can anticipate any potential challenges and adjust your business strategy accordingly.
Overall, the key is to be proactive and to take steps to make your business as financially stable and resilient as possible.