Many small business owners worry about when the next recession will hit and how it will affect them. But recessions can be hard to predict. Instead of wasting your energy, focus on what’s in front of you—your business.
According to Tom Ulbrich, executive director at SUNY Buffalo’s Center for Entrepreneurial Leadership, here’s the recipe for "recession-proofing" your business: run the best business you can, hire employees if possible, hold others accountable, find ways to be different from your competition, don’t micromanage good employees, and don’t have an overly complex business plan.
And he’s right. You may not be an expert on the economy, but you are an expert on your own business. Focus on your expertise.
"Instead of trying to predict the next recession, let's just agree to try to run a great business each and every day," Ulbrich said at a recent small business conference in Buffalo. "If you can run a great business, we can live through a recession."
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