How do you plan for a recession?

Recessions are a normal part of the business cycle, so it's important to plan for them. Certain industries are recession-proof because they meet customers' inelastic needs. Making a business more recession-proof requires advanced planning. Focus on revenue preservation, cash flow and investing in strategic demand generation.

How can business leaders prepare for a recession?

Think about near-term adjustments to your strategy, pricing or product mix that might help you weather the storm. Consider negotiating agreements with strategic suppliers or explore outsourcing functions to a vendor that may be more efficient. Whether or not a recession materializes, business leaders should be prepared for multiple scenarios.

How can I Help my Small Business during a recession?

You can also consider taking out a line of credit to alleviate cash flow difficulties. If you really fall on hard times, look into disaster relief. There are several government-issued programs that help bolster small businesses when times are tough — especially during a recession. Your local SBA office is a good place to start.