Will your business survive another predicted recession?
With eight consecutive hikes in Australia and another 0.25% jump in March and April, the world is calling an anticipated debt crisis a “financial earthquake.” How individuals and businesses will be affected is unclear.
Harvard professor and former IMF chief economist Ken Rogoff told The Telegraph that recession and rising real interest rates are bad.
In 2022, the world nearly avoided financial calamity, but with COVID-19 worries, rising costs, and natural calamities, analysts are predicting a sharp economic downturn.
Make your business recession proof
57% of SMEs expect the economy to fall next year, according to the MYOB Business Monitor.
70% of buyers start product searches on social media, thus a strong social presence is crucial.
Yet, content is key, and video works better for e-commerce.
Price competition with other merchants will also increase brand traffic.
Safeguard your company during tumultuous economic times
1. Sustain flexible working capital
2. Eliminate uncertainty with your partners and suppliers
2. Examine cashflow strategies
4. Build an agile workforce