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  • Stabilize Your Small Business Now to Help Withstand a Recession

    Offer Valid: 10/21/2022 - 10/21/2024

    With global economies moving closer to a recession, it's more important than ever for small business owners to know how to recession-proof their companies. There are a number of things you can do to protect your business from an economic downturn, and the Seattle Southside Chamber of Commerce outlined some of the most important ones below.

    Don't Let People Go

    One of the worst things you can do during a recession is to let go of your employees. Not only does this cause hardship for those who are out of work, but it also makes it harder for your company to rebound when the economy improves. If you need to cut costs, look first at non-essential expenses like travel and entertainment. You may also want to reduce salaries across the board rather than laying people off.


    On the other end of the spectrum, look for ways to keep your staff happy. If you can't afford raises or bonuses this year, offer extra time off, gift cards or provide lunch from time to time.

    Cut Expenses and Limit Your Debt

    National Business Capital recommends taking a close look at your operating expenses and seeing where you can cut back. This is also a good time to renegotiate loans and leases so that you have lower monthly payments. Reducing your overhead will make it easier for your business to weather a recession. If you're in a position to pay down debts, do it now. Easy ways to reduce costs in the office include being careful with office supplies, watching energy and water consumption, and even providing remote work opportunities to your staff.


    This can also be a great time to organize your files so you have - and can maintain - a more accurate picture of your financial situation. Instead of relying on paper receipts and invoices, go digital. Not only do digital files take up less space, but they are searchable which makes things much easier if you need to find something specific. And if you need to split a PDF into smaller files to file them in a more specific way, there are free online tools for that. Simply use the divider lines to mark what you want extracted, and save the new file.

    Automate Your Invoicing

    When payments are slow, it can put a strain on your cash flow. Automated invoicing can help you get paid faster by sending customers reminders when their invoices are due. This will help ensure that you have the cash you need to keep your business running smoothly. Plus, automated invoicing often offers a "pay now" feature that allows clients to immediately submit payments. The added convenience will benefit your bottom line and help them remit payments faster.

    Consider Moving

    If you're paying rent for office or retail space, now might be the time to consider relocating to a cheaper location. You may also want to downsize your space so that you're not paying for square footage that you're not using. Again, remote work could be highly beneficial, especially if everyone can do their work from home.

    You May Want to Switch to an LLC

    If your business is organized as a sole proprietorship or partnership, you may want to consider changing to a limited liability company (LLC). This will protect your personal assets if your business is sued or goes bankrupt. You can make this change through an attorney or with an online formation service.

    New Ways to Boost Income

    If your business is heavily reliant on one source of income, diversify your revenues by adding new streams such as online sales, subscriptions, or consulting services. Having multiple sources of income will make it easier for your business to weather a downturn in any one area. And if you expand your product line or services, you can bring in new customers and even boost customer loyalty.

    Strategize for Stability

    Small business owners need to take action now if they want their businesses to survive the looming recession — and thrive in the recovery that follows. By taking steps like keeping employees, reorganizing their files to see where they can cut costs, and diversifying their revenue streams, they can protect their businesses from economic hardship, and set themselves up for success in the years ahead.

    Join the Seattle Southside Chamber of Commerce to connect with local entrepreneurs and resources that can help your business grow.

    This Hot Deal is promoted by Seattle Southside Chamber of Commerce.

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