How Small Businesses Can Prepare For a Recession
Does your small business have a recession game plan? While no one wants to predict a negative future, it is something that small business owners should prepare for ahead of time to help navigate the choppy waters if (and when) the economy faces a recession. A recession, in its most basic definition, involves a general decline in economic activity and performance that can last from a couple of months to several years and can take time to recover from. While there can be a number of reasons why a recession occurs, common causes include a rise in inflation and a decrease in consumer spending. Due to factors such as high interest rates or a drop in consumer confidence, many business owners face losses, such as fewer sales thanks to a drop in demand. Modern economists are able to better predict when a recession will occur, which can allow business owners to better prepare for what’s to come......
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