By now you know firsthand what it’s like to live in a not-so-great economy. With the prices of food, gas, and everyday essentials sky rocketing, as well as the challenges we’re facing with the supply chain, times are tough. Not only are you feeling this in your own personal life, but you may also be dealing with the unpleasant effects it is causing as a business owner.

Whenever there is a recession expect to generate less sales than normal. This means less money so be wise in your spending. Modify your current budget. Look at all the possible ways your business can cut costs for the time being. This can be anywhere from downsizing to cutting out those lunches you provide for your employees every Friday. You may find certain areas within your business aren’t as critical as you thought they would be. Be sure you are making good use of your time, and that includes the time of your employees. Maybe you’ll find one department runs slower than another. Dropping some positions and divvying up those tasks amongst a different department can help save some costs.

Times will be difficult, and you’re bound to feel more stressed so remember to take time for yourself to destress and focus on the positives that surround you. With every curve downward it’s destined to go up again.



Article by
Ava Collins
Content Writer and Researcher

Student award winner Ava Collins