Possible recession – 80 % of small businesses said they are ready
A report, released recently revealed, that 80 percent of entrepreneurs are confident their small business is well positioned to outlast a market downturn.
Despite this confidence, the entrepreneurs still anticipate a slowdown and they are already on to take the necessary steps – stated the report, published by Kabbage. While 10 per cent of them were unsure how to prepare for a recession, the majority is pursuing investment opportunities to increase their cash flow.
Actions they are taking:
- 33 per cent are growing their customer base, expanding sales.
- 21 per cent are launching new products or services to increase revenue.
- 13 per cent are building new partnerships to reach a wider customer base.
During the survey, the respondents were asked to add an anecdotal response, how their businesses are going to approach a potential slowdown or recession. This showed the variety of points of view.
- We’ll attend more expos and trade shows for face to face relationship building. – Retailer, California
- My organization has sustained over 30 years of economic downturns, severe storms, and just about every other obstacle. We continually reinvent, this is how we manage the business to sustain. – Medical Services Provider, New Jersey
- We always run lean to ensure survival if there is a downturn. — Marketing Agency, Florida
“The grit and resilience of small business owners are admirable. Despite the growing fears of economists and Wall Street, entrepreneurs are ready to rise to the challenge,” said Kabbage Chief Revenue Officer, Laura Goldberg.