How to Prepare Your Product Business for a Recession If you're a product-based business and nervous about a potential recession, this is how you should prepare.
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Have you ever gone through a severe weather warning? Whether it was preparing for a blizzard, a hurricane or maybe even needing toilet paper during a pandemic, the panicked rush to the local grocery store is a sight to behold. Shoppers frantically drive carts and carry bags piled with canned goods, paper towels, toiletries, batteries, water gallons, pet supplies and so many "essentials." The checkout lines are swarming, the urgency of the situation creating an "every man for himself" mentality.
It's chaos preparing for potential chaos.
As an entrepreneur who has survived two recessions and a pandemic, I am well-versed on that out-of-control feeling. The one when it seems like you are standing in that line, but rather than checking out the essentials, you are waiting for your business to take a huge hit. When you feel like you are just biding your time before your number is called, and your provisions for your family and business fall short. You see other businesses forced into laying off employees, and you see the remaining employees with carts so full, they can't possibly manage the workload.