Strategies to Recession Proof Your Business in 2024
Summary
To recession-proof your business in 2024, create a cash flow forecast to stay on top of financial health. Perform scenario planning to prepare for potential economic impacts and maintain strong client relationships to ensure customer retention. Diversify revenue streams by exploring new markets and products and considering various pricing options to appeal to customer segments. Additionally, secure financing options such as a line of credit or building an emergency reserve fund provide a cushion. Lastly, use data effectively and upgrade your tech stack to optimize operations and decision-making during tough times​.
Entrepreneur
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