Let's Talk Business: Small businesses need to prepare for recession.free

Are we in recession? It’s still too early to say with absolute certainty whether we’re really in recession, but the risks are increasing. Small and medium-sized businesses need to be prepared. The US economy has contracted for her second straight quarter. After two consecutive quarters of recession, recession is on the minds of all businessmen. There are several things you can do to protect your business from recession. If there’s one thing he’s learned in those two years, it’s the importance of adaptability. Change is inevitable, so the ability to pivot and be flexible is key to surviving recessions. Change can be difficult. But never let pride, stubbornness or tradition get in the way of survival. It is always important to listen, understand and serve the needs of our customers. But when a recession looms, empathizing with their struggle is crucial. To understand how customer needs change as the economy changes, conduct primary research through surveys and focus groups. Reduce unnecessary costs. By closely monitoring your spending and cash flow, you can identify when and where you need to cut costs to avoid overspending. It’s always a good idea to keep six months’ worth of expenses in liquid savings in case sales drop, but that’s not always possible. If you’re consistently short on cash flow, it may be time to consider various financing options. In addition to cutting expenses, you need to know where your business is financially. You need to understand what’s happening with your cash flow, margins, inventory, and monthly sales. Accounting software allows you to closely monitor your day-to-day operations. A recession is stressful for employees, too. They may be anxious about what the future holds and even in the current job market they may be worried about losing their jobs. to communicate with the staff. Keep them informed about what’s going on in your business and why you’re making certain decisions. It also helps to start building an agile workforce before a recession hits. Provide employees with the option to work remotely when possible. You can also supplement your business’ employment needs with freelancers or independent contractors. Still, it’s important to keep looking for opportunities, even when things look bleak. Maintain strong marketing and advertising campaigns and projects. Companies that continue to invest in themselves regardless of the economic environment are those that bounce back faster and better when the economy returns. Join us in welcoming new Chamber of Commerce members, the Strive Wellness Group. Eric Crook can be reached at his 620-266-2497 or eric.strivewellnesscenter@gmail.com. Remember: Thursday, August 18th is the last day to complete the Chamber Blue Association Health Plan Survey. question? Contact Jeanine McKenna at 620-342-1600 or stop by the Chamber of Commerce offices at 719 Commercial Street. What a great day at Emporia! “Let’s Talk Business” is the weekly column of the Emporia Area Chamber of Commerce and Visit Emporia. The mission of the Chamber of Commerce is to positively create an environment for business and community success, guided by a vision that positive attitudes foster positive behavior. Call 620-342-1600 or Chamber@emporiakschamber.org and visit our website at www.emporiakschamber.org.