Make Your Small Business Recession Proof in 2023

2 Mins read
  • Small businesses need to take more stringent measures than ever to protect against a looming recession.

Many people dream of making a fortune running their own business. Unfortunately, making a business successful is a lot easier said than done. It is even harder for some people, such as entrepreneurs with ADHD or minorities struggling with discrimination.

The harsh reality is that 45% of businesses fail within the first five years. Companies that want to survive need to take serious precautions.

Running a successful business will be even harder in 2023 than it was in previous years. There is a lot of uncertainty in the business world in 2023, particularly as many businesses get ready for an anticipated global recession. This potential recession is being driven by instability in Europe, a world that continues to struggle with the pandemic, and supply chains that have been massively disrupted, contributing to significant inflation. Fortunately, there are still opportunities for you to put your business in a position to be successful, but you also need to protect it going into the new year. How can you make sure that your business is protected in 2023? There are a few important points to keep in mind. 

Consider Your Hybrid and Remote Work Policies

First, you need to consider your hybrid and remote work policies to make sure your remote team is sustainable. There are some companies that are eager to get their employees back into the office, but do you really think this is the right move for your company?

Take a look at how productive your employees are, and consider how beneficial it could be to allow employees to work remotely. For example, there might be some employees with a long-term disability that you would like to retain. If you allow them to work from home, it will be easier for them to be productive, and you may be able to increase your attention rates. Think about the benefits and drawbacks of asking your employees to return to the office.

Review Your Business Plan To Attract More Investors

If you want your business to stay afloat, you need to have a plan in place to attract more investors. Given that many countries have been raising their interest rates in an effort to tamp down inflation, there might not be as many investors who are willing to provide you with a cash stimulus. With more competition for investors, you need to make sure that you stand out from the crowd. You should review your business plan and make sure you explain to your investors how you plan to navigate the uncertainty in the business world. If you can position your business as a beacon of stability, you may have an easier time attracting investors. 

Protect Your Business With the Latest Cybersecurity

The average cost of a data breach at an SME is $2.98 million. You can’t afford to take the risk of having one.

Do not forget that you must make sure your business is protected with the latest cybersecurity measures. Ransomware is more common today than it has ever been in the past, and the best way to deal with this type of virus is to prevent it from happening. If you have employees who work remotely, you need to make sure they use appropriate security measures on their computers. You should also review the security measures you have in place at the office, and make sure you have a team of technology professionals that regularly audits and upgrades your firewalls. That way, you can reduce your chances of dealing with a cybersecurity issue down the road. 

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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