customers . To prepare for any economic environment , including a potential recession , “ Quantum Workplace ” explains , it ’ s essential to keep your workers happy since this can save you both time and money . In fact , it ’ s estimated that U . S . business owners spend about $ 1 trillion in turnover expenses each year !

Staff retention prevents the stress and costs that come with training new employees — and allows your business to keep running smoothly without any disruption to your customers . By streamlining your onboarding process , recognizing your employees ’ achievements and successes , and creating a supportive company culture that allows for open communication , you can hold onto your workers and eliminate workflow issues . Train , promote and manage staff appropriately to make their jobs enjoyable . A happy employee is beneficial to company morale — and profits !

Be Proactive about Your Finances As a small-business owner , you will

never be immune to the ups and downs of the economy ; however , there are many things you can do to protect your company , your employees and your reputation from the effects of a recession ( or any economic condition ).

Look at your business structure to figure out whether you are operating with the most efficient form and streamline your practices as much as possible . Review and plan for cash-flow . Continue to focus on current customers / clients , while reviewing target potentials periodically . Also consider risks inherent in your type of client base , as well as possibly those risks relating to not making changes in the customer target base .

Surviving a recession involves the same principles that your business would use for its success in any economic environment .

Michael B . Allmon , CPA , MBT , is a partner in the firm of Allmon , DiBernardo & Associates CPAs & Wealth Strategists , LLP . You can reach him at mikea @ mbamdcpas . com .

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