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Economic recessions are an inevitable reality of business, and destroy those who are unprepared.
This is especially true for small businesses, and even more so for first-time entrepreneurs who have never witnessed an economic recession from the perspective of a business owner.
See, as entrepreneurs, we tend to be risk-takers. We make decisions that lead to quick growth of our companies, and sometimes go a bit too far. We bank on the good times continuing, our carefully thought-out plans succeeding, and a bright and prosperous future.
Unfortunately, we may not factor in the hiccups we’re bound to face along the way.
In this article, I want to lay out some steps you can take right now to reduce your risk of collapse during even a very tough economic recession, and ensure that your company can continue thriving even during the worst of economies.
This isn’t to say that I believe a recession is about to strike, but this topic is too important to ignore.
Let’s get into it!