Surviving a recession as a small business requires strategic planning and adaptability. A recession is a period of temporary economic decline characterized by decreased consumer spending, business investment, and overall economic activity. Small businesses are particularly vulnerable during economic downturns due to their limited resources and customer base.
Despite the challenges, there are proactive measures small businesses can take to survive and even thrive during a recession. These include reducing operating costs, diversifying revenue streams, focusing on customer retention, and seeking external support when necessary. By implementing these strategies, small businesses can weather the storm and emerge stronger when the economy recovers.