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How to Build Recession-Proof Businesses in Your Community

David Rosenberg believes that a recession is “virtually unavoidable” in the coming year. For communities that are still feeling the effects of the 2008 financial meltdown, this is the last thing anyone wants to hear. The problem is that it doesn’t really matter when the next recession comes. We know that one will eventually hit.

The only thing that can be done in the event of a global recession is to prepare for it. Like an incoming hurricane, you can’t change the weather, but you can get the sandbags ready.

Recession-Proof Businesses and Communities 

nullWe’re aware that you probably already know this, but here are four best practices worth reinforcing for economic growth during a recession:
  1. Continued communication with local businesses, so they know what you can do for them.

  2. Support the workforce by helping job seekers find and keep jobs (with tools like Vicinity Jobs Reporting SystemsTM).

  3. Attract and retain investment from outside sources. International development can be especially helpful.

  4. Support local businesses before the recession hits.

Communication is key. Certain local businesses may not even be aware of the potential recession looming and warning them could be a helpful first step. It might help prevent unwise investments on the eve of a downturn. Furthermore, local business owners may not be aware of your economic development office and how you can help them. An impending recession is the perfect reason to get out and reacquaint yourself with local business owners.

You’ll want to prioritize the business owners who need your help most, and without real-time economic development data, that could be a difficult task.

By using real-time BR+E tools like Triage BR+ETM, you can easily spot the businesses that are most at risk for the next recession. In as little as 10 days you’ll receive a report flagging issues such as vacancy rates, training gaps, and high turnover. Triage BR+ETM makes it easier to have a conversation with business owners about what they are doing to prepare for the next economic lull and how you can help them.

Want to Know the Best Ways to Help Businesses on a Budget?

Get more tips that will help you conquer the next financial slump and maintain recession-proof businesses.

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 References:

https://www.cnbc.com/2019/01/02/a-recession-is-virtually-unavoidable-this-year-david-rosenberg-warns.html

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