How to prepare your business for an economic slowdown/recession

The Holistic Accountant

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In this episode, Mena and Stuart discuss practical strategies for businesses to navigate an economic slowdown or recession in Australia, reflecting on the lessons learned from the 1990-1992 recession, where unemployment soared to 10.8% and interest rates approached 20%.
Key points include:
1. Assessing Business Sensitivity.
2. Scenario Planning.
3. Strengthening Financial Resilience.
4. Cost Management.
5. Strategic Divestment.
6. Personal Financial Impact.
7. Developing a Contingency Plan.
This episode offers valuable insights for business owners looking to safeguard their operations and personal finances against the challenges of an economic downturn.

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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.