Bonus Episode 4: Recession Proof Your Business

Send us Fan MailGoing 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.I need your help. If you know of any non-profits, organizations, or government agencies that track companies who practice being recession proof, please let me know at [email protected]. You can sign up for my weekly update (and get the free leadership development guide) by clicking here. For more resources, please visit stephenmclain.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.