There are several economic indicators pointing to an incoming recession – nearly 15% of Americans are more than 3 months behind on car payments, unemployment is creeping back up, residential housing starts are down, and subprime mortgages are making a comeback. It’s time to take stock of your business’ strengths and weaknesses and prepare for tough times ahead.
Check your expenses and set a budget – aim for 10% less than you spent last year other than payroll. You can also take a page from some of the seemingly recession-proof businesses such as spirit alcohol, makeup, and high end luxury goods. Learn more about what goes up in a down economy from the infographic below!