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In this episode we discuss essential strategies for weatherproofing your business against a potential recession. Our guest, Jason Krueger discusses the importance of financial insight, understanding your expense structure, and building strong banking relationships. He also shares valuable tips on optimizing real estate costs, leveraging technology, and maintaining effective marketing strategies even during economic downturns. This episode is packed with actionable advice to help your business not only survive but thrive in challenging times.
Key Points:
[00:30] - Recession-Proof Planning:
Discussing the importance of having a recession-proof business plan.
[01:04] - Know Your Numbers:
Understanding your financial numbers and future cash flows.
[02:12] - Expense Optimization:
Evaluating and optimizing your business expenses.
[02:30] - Workforce Strategy:
Making strategic decisions about your workforce.
[02:57] - Real Estate Savings:
Reducing real estate costs and adopting flexible work models.
[03:15] - Banking Relationships:
Building and maintaining strong banking relationships.
[04:17] - Funding Opportunities:
Exploring different funding programs and opportunities.
[05:18] - Tech Cost Streamlining:
Streamlining technology costs for greater efficiency.
[06:07] - Creative Cost Reduction:
Finding creative ways to reduce costs without canceling essential services.
[08:50] - Invest in Marketing:
Investing in marketing and sales even during economic downturns.
[09:50] - Cash Reserves Importance:
The importance of maintaining cash reserves.
Links Mentioned:
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