Recession Proof Your Business

Send us Fan MailBonus episode # 4: Going forward, it's time to recession proof your business. After recovering from this very unprecedented economic downturn, I am encouraging business owners to prioritize recession proofing their business by developing a plan to survive the next downturn. It will be challenging to small businesses, but we need to do this.  There are many tools available to have and acquire funds to cover operations and pay employees:1) Prioritize retaining more earnings,2) Partner with the Small Business Administration to understand and better maximize their tools, programs and education,3) Partner with your local bank, especially one that is affiliated with the Small Business Administration,4) Apply for a line of credit to use during an emergency.Retaining more earnings for small businesses is definitely challenging. It's easier said than done. This may require you to find a mentor who can guide you, and also when you partner with the Small Business Administration and a local bank, you can get expertise to develop a plan.I also discuss the challenges for publicly traded companies in the episode.Please connect with me on:1. Instagram: stephen.mclain2. Twitter: smclainiii3. Facebook: stephenmclainconsultant4. LinkedIn: stephenjmclainiiiFor more resources, please visit Finance Leader Academy:  financeleaderacademy.com.Support the showStephen is an experienced Finance Professional and Leader who offers fractional CFO services and development opportunities. Please visit his LinkedIn profile or Finance Leader Academy for more information.The views and information shared on The Finance Leader Podcast are intended solely for educational and informational purposes. They do not constitute financial, accounting, tax, legal, investment, or other professional advice. Always seek guidance from a qualified professional before making decisions related to your specific circumstances.