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Once you have this information at your fingertips, you’re ready to begin recession-proofing your business. When you get right down to it, handling recessions—or any kind of business slowdown—consists of three things:
• Cutting expenses much as possible without affecting sales and income. Actually, a wise businessperson should be doing this all the time. Trim only the fat, and beware of cutting things that bring in revenue. Scrutinize the expenses part of your P&L statement. Take steps to reduce obvious expenses that can be lowered. For example, improve energy costs through efficient windows or insulation and eliminate superfluous purchases, inventory and services that aren’t profitable.
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