By Brittany DeGroat, Star Micronics
One of the most important lessons that businesses in the retail and hospitality industries learned during the COVID-19 pandemic is that they need agility to operate when circumstances change. Now, change is on the horizon again, and the smart strategy is to investigate how to recession-proof your business.
Star Micronics has navigated multiple economic downturns, including the recession in 2008 and the downturns in 2019. It has investigated how businesses protected themselves during economic decline.
Christine Duffy, Director of Sales Distribution at Star, explains, "By leveraging our collective experience, we can work with our SMB partners to identify potential risks, assess market conditions, and develop a proactive plan to mitigate any potential impact. As a company with a strong track record of navigating economic challenges, we are committed to sharing our past experiences and best practices with our SMB partners to help them prepare for any future uncertainties."
Star’s conclusions on how to recession-proof your business boil down to these five steps.