Build up enough credit to be able to secure an affordable loan in the future.
This article suggests how companies can work towards being “recession-proof”. The author emphasises that preparing to withstand a recession goes beyond “stockpiling cash for a rainy day.”
Companies must look for tools that could help streamline processes and or help complete projects at a lower cost or with less labor. The technology being used must be adaptable. Further, never lose sight of business development. Be consistent with networking, brainstorming new strategies and more.
An action plan must be ready well before a slowdown starts to be able to move in the right direction. A recession may require a business to pivot, in which case, it is useful to have a running list of expansion ideas ready.
[5 minute read]