23. How To Recession-Proof Your Business

Is your business prepared for a recession? 

Whether you believe it or not, the Feds have confirmed that a recession is indeed coming. The worst thing that you can do as a business owner is to ignore the signs and assume everything is okay. Very few businesses were adequately prepared to survive the COVID-19 pandemic, and this time we have fair warning.

In this episode, we share ways to prepare (and honestly they’re practices that should be in place all the time) for the economic downturn that is sure to come. Taking small steps now to protect your business and income is easier than dealing with repercussions down the line.

Today we will cover:

•  (02:20) Saving money and diversifying your funds
•  (06:42) Evaluate expenses and reduce your spending
•  (16:38) Things to consider before hiring employees
•  (19:48) The importance of travel insurance
•  (24:00) Diversifying your service suite
•  (38:59) How options can recession proof a business
•  (33:22) Evaluating the terms and conditions for your service suite
•  (38:04) Shifting your marketing messaging

The Legal Paige - travel industry agreement templates

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