3 Things To Do Riaght Now To Recession Proof Your Business, According to Jaclyn Johnson
The fear of facing a recession is real for any professional. But for some small business owners and solopreneurs, confronting this challenge alone can be downright scary. While a recession is likely on the horizon, small steps can be taken right now to ready you and your business for the uncertainty ahead.
On this week’s episode of WorkParty, Create & Cultivate Founder Jaclyn Johnson shares three steps you can (and should!) take to feel equipped to take on financial uncertainty.
1. Analyze your operational costs
It’s so important to see every dime that goes out the door. Johnson suggests taking time to analyze your costs and note what you’re spending month-over-month. Making a straightforward decision will become easier when you have a bird's eye view of your expenses
2. Categorize your operational costs
Take stock of what is fundamental to running your business and the areas that help drive revenue. Then, take a look at what costs are your "nice to haves."
3. Cut the “nice to haves”
You probably saw this one coming! “It’s important to operate at your leanest possible potential,” says Johnson. This means cutting costs that won’t sacrifice what your business could look like in 2023.
Be sure to take a careful look at every area of your business. Consider the value of your platforms and tools, negotiate with vendors, or discontinue a product that isn't selling well.
Listen to this week's episode of WorkParty for more of Jaclyn's 2023 planning tips!
LISTEN TO THE FULL EPISODE
https://open.spotify.com/episode/20XgEhJq2kaa7JlglMTGjV?si=8e3c7a264cd54402
RESOURCES
To connect with Jaclyn Johnson click HERE
To follow along with Create & Cultivate click HERE
To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)
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