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In Q2 of 2022, the U.S. economy contracted for a second straight quarter – a move that typically shows the U.S. is headed for a recession. Historically, small businesses are more likely to be hit harder during a recession. The budget constraints and reduced spending power that come with a recession hit small businesses harder, given the tightly controlled budgets they typically operate on.
While economists have varying views as to if, or when, the economy will hit an official recession, there are small steps business owners can take now to be ready, just in case.