How Your Small Business Can Prepare for a Recession
While it’s impossible to forecast what will happen with the U.S. economy, experts predict a 70% chance of a recession in 2023. With the recent interest rate hikes to combat rising inflation, there’s a good chance we’ll see a downturn in the U.S. economy, though some think a “soft landing” is still possible. As a small business owner, it may feel overwhelming to think about the consequences of what a recession could mean for your business; however, there are plenty of ways to prepare your business for challenging times ahead. Live Oak Bank remains committed to supporting small businesses and encourages all business owners to focus on tactics to build resiliency. Read on to learn about how to prepare for a recession.