When a recession hits, it affects many people and industries across the world. Even if you think that your industry is not affected, your company can still be hit due to knock-on effects. Revenue becomes harder if your clients are affected or if they realign their budgets. If this persists for several months, it can result to layoffs and furloughs.
Protect your income
It is with this increased risk that we should protect our sources of income as much as possible. If you run a business, then this is the time to optimize operations and reduce unnecessary expenses. Look into each recurring expense and determine whether it is critical for your business. You may be surprised to know that some of them can be eliminated without affecting your operations.