TBL Episode 70: Preparing your online business for a recession
Mar 16, 2020•19 min•Transcript available on Metacast Episode description
If you’ve been paying even just a little bit of attention to the news headlines over the last couple weeks, you’ll know that the US economy is not looking good. Between Coronavirus and a huge downturn in the US stock market, Americans are feeling a bit on edge about the immediate future. Economists are in agreement that a recession is on the way (I think it’s here already). What does that mean for your online business? It means you need to adapt and have a plan. That’s why in this episode, we discuss: - What we can learn from these uncertain times as entrepreneurs
- Which types of businesses will be most impacted by the economic downturn
- The increasing importance of a business’ savings
- How to create an emergency fund for your online business
- Why there is still potential for growth as a business owner in a down market
- Why understanding your numbers can help you plan for future cash flow challenges
