How to Create a Recession-Proof Business Plan

By: Nicole Fallon, Contributor & Jamie Johnson, Contributor

If you’re worried about a recession and what it might do to your small business, you’re not alone. But there are things you can do to help recession-proof your business. Here are six ways to get started.

Embrace adaptability

If there’s anything we’ve learned in the last two years, it’s the importance of adaptability. Change is inevitable, so the ability to pivot and be flexible is key to surviving any recession.

“You can’t be married to any specific strategy, product, or service,” said Abhi Lokesh, CEO and co-founder of Fracture. “You’ve got to be willing to try everything you can, see what works, and pivot accordingly.”

Lokesh, who launched Fracture at the height of the Great Recession in 2009, acknowledges that change can be difficult. Still, entrepreneurs can’t let pride, stubbornness, or tradition get in the way of survival.

“It’s a matter of being incredibly detail-oriented and leaving no stone unturned in the pursuit of being as financially stable as possible,” he told CO—.

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CO–by the U.S. Chamber of Commerce.