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Contributed by Bill Lyons, CEO and president of Griffin Funding.
Along with the excitement that comes with a new decade, 2020 brings a lot of speculation on the economy, including a focus on what we call recession proofing. While business owners don’t know for sure if a recession will hit in the near future, the need for ensuring your business can weather the storm is real and growing.
Bill Lyons from Griffin Funding, says, “Make financial moves to stay nimble.”
The more nimble your ship is, the quicker you can make decisions and implement change throughout the culture and organization. If you want to recession-proof your business, ensure that you are nimble. Here are my recommendations:
Be proactive about taxes.
One of the biggest expenses a business owner can incur are taxes. It’s best to be prepared and have a plan in place to minimize what you’ll end up owing.
If you don’t have an internal CFO who is forecasting, budgeting, managing lines of credit and managing cash flow, consider hiring an outsourced part-time CFO or working with a proactive CPA (not reactive) who can help you plan throughout the year.
I also recommend getting your CPA financials quarterly and sitting down to plan and strategize.
Finance to keep you recession-proof.
In addition to building cash up on your balance sheet, apply for a low-interest line of credit with your local community bank so you can utilize it for growth, acquisitions or for a period when you need to pivot to a new marketing plan or a new product. A line of credit and cash together will put you in a position of strength and provide you the fuel you need to navigate through a recession.
Don’t wait to apply for a bank loan until you need it because more o… Read More
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