Strategies and offerings that have worked in the past may no longer be feasible, or may not meet your customers’ current needs. Be aware of the current economic climate, listen to your client base, and conduct the necessary research. Based on the information you find, prepare to adapt or pivot accordingly.
Monitor your cash flow, profit margins, and other financial metrics to understand where your business stands. Cut unnecessary costs to prevent overspending and offer a safety net in the event of a recession.