52. Recession Prep for Your Remote Local Business

In this episode Neel offers thoughts on how to make your Remote Local business better prepared for recessions. Neel takes a two-pronged approach to preparing for recessions.   First, he focuses on insulating the business, which can include estimating a percentage dip (25% at MaidThis) and adjusting accordingly, which can include cutting expenses, speeding up receivables, and getting promos ready for email and phone reach out to existing customers. Once that's secure, you can look at opportunities, which can include grabbing up some higher quality labor which may now be available in the workforce as a result of layoffs and possible distressed acquisitions which may be offered at a lower multiple. Neel also discusses the difference between "need to have" and "nice to have" in business models and why he always prefers having the former. Enjoy!