Business Thoughts: Preparing for a Recession!

Economic recessions and booms are cyclical, which means we should be thinking ahead for WHEN--not IF there's a recession or slump in sales. As business owners, we need to be prepared, not paranoid. Since less than 1/3 of small businesses make it past the 10 year mark, let's discuss how to reduce risk to survive these challenging circumstances.

00:00 10 Year Run
00:30 BUT THE ECONOMY IS BOOMING...
01:41 Losing a Business & Handling Foreclosed Properties
02:00 Bankruptcy: Cash Flow Problems
02:40 Income Statements Don't Mean Much
03:26 Balance Sheet = Gold
03:58 Cash Flow Statement: Cash Vs. Accrual & Working Capital
04:53 Refined Perspective About Credit/Borrowing
06:44 Prepared Vs. Paranoid
07:49 Heed Advice from Mentors
09:12 Grandpa's Lesson: Hustle & Adapt
10:13 Debt: Loan to Value & Debt Service Coverage Ratio
12:53 Doing What We Love: Business is More Than Making Parts
13:22 Jay Goltz's 10 Reasons for Entrepreneurial Success
13:53 Thank You!

5 Reasons to Use a Fixture Plate on Your CNC Machine: https://bit.ly/3sNA4uH
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Links for this video

Beginners Guide to Accounting
https://www.nyccnc.com/accounting-beginners-guide/

How to Get Paid On Time
https://youtu.be/52GoKuFr2Ec

Top 10 Tips for Entrepreneurial Success
https://www.nyccnc.com/top-10-reasons-entrepreneurial-success/

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