How do you prepare for what’s to come? Do you have a recession-proof plan for you or your business?
We keep it stupid simple (KISS) by following the ‘PPP Strategy’: Predict, Prepare and Persevere.
- Predict: Always stay multiple moves ahead. This is having multiple backup plans, if first one fails, you have Plan B ready to execute, and if fails, then goes Plan C, and so on.
- Prepare: Get ready for what’s ahead. In case of preparing for a recession, here are few key principles to follow:
- Put big risks on pause. For example, expanding studios or branches.
- Cut back on superfluous spending.
- Reduce costly overhead.
- Avoid high-interest debt (and interest in general, as much as possible)
- Persevere: Get ahead. Start planning for your business objectives. You action plans for the next 5 years, or 10 years. Layout your next move, list your priorities, fix problems, and execute your plans.
Repeat the process “PPP Strategy” again to stay ahead or to get further ahead.
Sponsored by: OutofCredit.com – Interest rates are expected to go up.
Source: MSN.com accessed June 6, 2022. Elon Musk Isn’t Just Warning of a U.S. Recession-He’s Using the Simple ‘PPP Strategy’ to Weather It (msn.com)