Like it or not, it’s on the way
It’s been a while since the last recession and signs are pointing to a new one on the horizon in the next year or two. How can you prepare for tighter times in the days to come?
- Put Some Money in Savings
This is something you should be working on already but if you don’t, you should have at least 6 months of expenses set aside for a rainy day. Of course, this isn’t feasible for everyone. No matter what, saving any amount will benefit you in the future.
- Keep an eye on your Cash Flow
Cash flow will become more important as well. It will be important to maintain liquid assets so that you can remain agile during the recession. It may be difficult to sell excess equipment or other assets when everyone is playing catch-up, which brings us to our next point.
- Determine where you can make cuts
It’s never a pleasant conversation but you may need to cut back if times get tough. Do an audit of your current capacity & assets and see if any clear decisions come forward.