If a recession hits, your costs will go up on everything from health care and telecommunications, to paper and pens. Be sure to raise your prices on current items, as well as long-term contracts, to cover those increases. Keep in mind that this strategy can work both ways. When purchasing products and services for your business, try to negotiate a long-term discount with your suppliers. Some suppliers may be more open to granting a discount if they are assured of steady business.
Nobody likes to lay off workers, least of all small companies.
They have a hard enough time finding qualified employees in the first place. But a full-blown recession could make layoffs necessary. In that case, you'll need the rest of your workers to pick up the slack. So, make sure that everyone can do at least one or two additional tasks. Despite the doomsayers who are predicting an all-out recession, Schiffman insists there's no reason to panic.