By Jerry Bazata
Our economy has been in a growth mode for the past 11 years with the bull markets far outperforming the bear markets.
For many of us, it easy to forget the cyclical nature of the economy and the Great Recession that hit its peak 10 years ago. Any economist will tell you that a recession is inevitable and its impact on small-business owners is often the hardest. So, how can you, as a DJ-company/small-business owner, prepare yourself and your company to stay above water in the event of a recession?
At the DJ Expo – set for Aug. 12-15 at Harrah’s Resort in Atlantic City, N.J. – I will be present “Be Prepared: How Your DJ Business Can Survive an Economic Downturn,” a 90-minute seminar on preparing your DJ business for recession survival. As a commercial lender for the past 30 years and also being a small-business owner, it’s a fact that during economic instability small business owners are less likely to receive loans to keep the company afloat.
Because small-business owners are the hardest hit, with lenders tightening credit standards, interest rates on the rise and the consumer reducing discretionary spending, you, as a small-business owner, need to be prepared.
During the seminar, I will share a multitude of tips and best practices to align your financial, business and marketing strategy with any downturn in the economy. Here are four tips to get ready for an economic slowdown: