{"id":44340,"date":"2022-07-07T16:31:51","date_gmt":"2022-07-07T20:31:51","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=44340"},"modified":"2022-07-13T11:29:26","modified_gmt":"2022-07-13T15:29:26","slug":"is-your-business-ready-for-a-recession","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/is-your-business-ready-for-a-recession\/","title":{"rendered":"Is Your Business Ready for a Recession?"},"content":{"rendered":"

\"Is<\/p>\n

We are not in the business of predicting a recession, to be sure. But it\u2019s a very real possibility — with inflation is at its highest rate<\/a> in 40 years and interest rates rising steadily. The National Bureau of Economic Research<\/a> defines a recession as a \u201csignificant decline in economic activity that is spread across the economy and lasts more than a few months.\u201d Jerome Powell, the Federal Reserve Chair, noted recently<\/a> that while a recession is possible, it\u2019s not <\/em>inevitable. In the event we are headed into a recession, however, we\u2019ve outlined a few ways to help protect your business from bearing the brunt of it.<\/p>\n

Be Mindful of Your Cash Flow<\/strong><\/p>\n

During recessions, cash is king. That\u2019s why it\u2019s incredibly important that you maintain cash flow in your business. Check on your monthly cash flow and determine which invoices you may have that are overdue. If someone owes you money, it\u2019s best to collect it now rather than wait until we\u2019re in a full-blown recession.<\/p>\n

Just like consumers, business owners are being forced to spend more than usual. This is due to a mix of factors including inflation, supply chain and labor shortages, residual impacts of the pandemic, and a host of other things. Take a close look at what you\u2019re actually spending money on and do an audit to decide whether it\u2019s truly necessary right now. Do you really need that monthly subscription to an industry newsletter? Is there dues-based organization you\u2019re a part of that you rarely engage with? Cut the cord on miscellaneous items that aren\u2019t benefitting your business but are<\/em> adding up.<\/p>\n

Adopt Different Ways to Sell<\/strong><\/p>\n

More and more businesses are turning to digital when it comes to sales\u2014and that\u2019s because it\u2019s a wildly popular method of shopping for today\u2019s consumers. \u201cEcommerce sales totaled $871 billion in 2021 and have been growing at an average of 16% annually since 2011,\u201d according to a report from CBRE. If you\u2019re only relying on your brick-and-mortar store to sell your products or entice new customers, think about branching out into new avenues. It\u2019s also worth remembering that gas prices are skyrocketing too, so less people are inclined to visit an actual store when they can opt to purchase things on the web. Opening your business strategy to previously unexplored sales channels will allow you to significantly expand your customer outreach.<\/p>\n

Borrow Before You Need It<\/strong><\/p>\n

We are always talking about the need for cash-on-hand. Small business owners often need extra, easily accessible money in their coffers to get by in hard times, and that can be difficult to come by if you wait too long. There is where ARF Financial comes in\u2026<\/p>\n

Have you heard about our incredible loan product, the Interest-Only Flex Pay Loan<\/a>? This groundbreaking offering gives you quick access to loan amounts from $50,000 to $750,000 with no need for collateral, plus low, interest-only payments for up to 1 year. Our Interest-Only Flex Pay Loan also carries a Line of Credit<\/a> with unlimited draws for up to a year. After the interest-only period, you have the option to pay the principal, or we\u2019ve created the perfect safety net \u2013 a built-in rollover amortization up to 2 years. Want to learn more? Check us out today<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

We are not in the business of predicting a recession,…<\/p>\n","protected":false},"author":5,"featured_media":44341,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[111,128,698],"tags":[398,402,400,399,443,386,578,948,535,220,939,213,944,943,345,116,173,536,117,597,594,516,401,224,222,172,226,142],"class_list":{"0":"post-44340","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-financing","8":"category-day-to-day-business-operations","9":"category-small-business-financing","10":"tag-affordable-business-loans","11":"tag-affordable-small-business-growth","12":"tag-business-expansion","13":"tag-business-growth","14":"tag-business-line-of-credit","15":"tag-business-loans","16":"tag-covid-19-pandemic","17":"tag-creating-an-inclusive-workplace","18":"tag-equipment-leasing","19":"tag-flex-pay-loans","20":"tag-introducing-bankroll","21":"tag-line-of-credit","22":"tag-marketing","23":"tag-operations","24":"tag-restaurant-expansion","25":"tag-restaurant-financing","26":"tag-restaurant-funding","27":"tag-restaurant-leasing","28":"tag-restaurant-loans","29":"tag-restaurant-reopening","30":"tag-restaurant-reopneing","31":"tag-restaurant-trends","32":"tag-small-business-expansion","33":"tag-small-business-financing","34":"tag-small-business-funding","35":"tag-small-business-growth","36":"tag-small-business-loans","37":"tag-working-capital"},"acf":[],"yoast_head":"\nIs Your Business Ready for a Recession? - ARF Financial<\/title>\n<meta name=\"description\" content=\"Is Your Business Ready for a Recession? 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