In an article published in BankNews on April 18, Derek Meek discusses how owners can best prepare their businesses for the looming recession.
Meek lays out five critical steps business owners should know about protecting businesses from the next recession including, conserving cash and diversifying your customer base.
In terms of conserving cash, “It is also easy to forget how difficult financing is to obtain during a downturn, so the ease with which your business may have access to money may not be there tomorrow. If your business can lock in financing now, this may help you in the future, and still free up capital for growth and other opportunities,” explains Meek.
For the full article, you may click here.