This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/09/28/financial-planning-for-a-recession/
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by LJ Suzuki of CFOshare
As we learned in 2008, recessions can come on swiftly and cause major crises for all businesses, big and small. In today’s economy, it is essential to practice intentional recession planning as a small business.
By mapping out your plan in advance of a recession, you may find that when a recession hits, you not only survive, but thrive.
Make a Plan: Preparing for a Recession.
Simply having a plan in place sets you head and shoulders above the competition. When the reality of an economic downturn hits, the act of decision-making can become paralyzing, and second-guessing can slow down important steps.
When creating a plan, work through a variety of scenarios, from the best to the worst. You should already be familiar with your key business drivers through a forecast sensitivity analysis – use this information to plan what to do in the instance of a negative shock, so that your decision making can continue to be swift and precise. It is easier to make these decisions before you are in this situation than when you are in the thick of it.
Anticipate Cash Flows.
Cash is king in a recession, and you need to know that your cash flows will not be interrupted. Keeping cash flowing out of the business is easy, of course, but make sure that you have plans in place to continue supplying the cash flow you need to maintain operations.
Prepare Financing Options.
Before a recession appears, discuss your recession plan with shareholders. Let them know that their help may be needed during this downturn. This will ensure they are prepared and willing to help the business ride out the storm.
Also prepare your debt vehicles. By ensuring you have plenty of access to lines of credit or equipment … Read More
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