#449 Recession Proof Your Small Business

In this enlightening episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen explore strategies for recession-proofing small businesses. They discuss the importance of financial reviews, debt management, and identifying new revenue sources, among other things.The emotional and intellectual challenges of recession-proofing a business.Predicting business reshuffling in a recession and the survival of the fittest theory.The significance of serving clients effectively during tough times.The potential of buying out struggling competitors to grow market share.The importance of conducting a thorough financial review and creating a comprehensive balance sheet and income statement.Need for a comprehensive legal review, including examining business structures, leases, and relationships with partners, suppliers, and clients.The critical role of managing debt, particularly high-interest debts like credit cards.Necessity of increasing efficiency and reassessing pricing and possibly offering more value to customers without changing prices.Significance of maintaining at least three months of cash reserves, selling unnecessary items, and getting lean to weather potential financial storms.The potential of identifying new revenue sources, particularly low-hanging fruit, to contribute to business growth.For more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/ Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!