#449 Recession Proof Your Small Business

In this enlightening episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen explore strategies for recession-proofing small businesses. They discuss the importance of financial reviews, debt management, and identifying new revenue sources, among other things.

• The emotional and intellectual challenges of recession-proofing a business.
• Predicting business reshuffling in a recession and the survival of the fittest theory.
• The significance of serving clients effectively during tough times.
• The potential of buying out struggling competitors to grow market share.
• The importance of conducting a thorough financial review and creating a comprehensive balance sheet and income statement.
• Need for a comprehensive legal review, including examining business structures, leases, and relationships with partners, suppliers, and clients.
• The critical role of managing debt, particularly high-interest debts like credit cards.
• Necessity of increasing efficiency and reassessing pricing and possibly offering more value to customers without changing prices.
• Significance of maintaining at least three months of cash reserves, selling unnecessary items, and getting lean to weather potential financial storms.
• The potential of identifying new revenue sources, particularly low-hanging fruit, to contribute to business growth.

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