• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube
Big Ideas for Small Business logo

Barbara Weltman

Big Ideas for Small Business, Inc.

Whitepaper download

Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."

This field is hidden when viewing the form
Get the:

  • Home
  • About Us
  • Big Ideas For Your Business
    • Idea Of The Day ®
    • SMB Legal
    • SMB Taxes
    • SMB Financial
    • Small Business
    • Newsletter Archive
  • Services
  • Books
  • Blog
  • Multimedia
    • Videos
    • Radio Shows/Podcasts
  • Be a Guest Blogger

Recession-Proof Your Business: What Did You Learn from 2023?

December 28, 2023 / By Barbara Weltman

Recession Proof Your Business: What You Learned from 2023Talks of a coming recession in 2024 continue. Will a recession occur? A former president of the Kansas City Federal Reserve Banks puts the odds at 65%. If so, will it be mild or severe? Economists differ on this prediction. How long will it go on (Forbes reported that the average length of a recession since World War II is 10 months)? So, a recession may or may not occur, it may or may not be severe, and it may or may not last the usual length of time. Given this uncertainty, it’s important to be prepared. One way to do this is to understand where your company stands now. With the year drawing to a close, pause to reflect on what occurred this year…and what you’ve learned from it…so you can plan for the future.

Value in lessons learned

Each business is unique, so it’s impossible to generalize what lessons should be learned. But for everyone: You don’t want to repeat mistakes; you do want to capitalize on successes. UCONN’s ITS Project Management Office offered this advice with respect to projects, but it can be extrapolated to all business operations:

“Lessons learned should not just focus on the mistakes that were made; they should also document the good things that happened in the project. Otherwise, all of the processes and decisions that helped the project succeed might be lost and that would be just as bad as forgetting about the mistakes that were made.”

Making an assessment

Take a close look at what transpired during 2023. Use your accounting software to create financial statements—a P&L, a net worth statement—that you can examine. Look over your calendar to remind you of events that transpired this year—sales you’ve held, trade shows you’ve participated in, etc.

Inventory your mistakes and successes. Did you launch a new product or service that failed or succeeded? Did you host an event that flopped or exceeded your expectations? Did hire too few (or too many) employees; did one or more employees not work out? Analyze what when wrong or right so you can avoid problems in the future while being able to replicate successes.

Review your numbers. Where do you stand now? Has 2023 been a good year? A bad year? Maybe your numbers suggest you need to raise prices, cut expenses, eliminate certain lines (e.g., an unprofitable item or service).

Look ahead

With the data from 2023 on hand, you can move smartly forward into 2024. December is National Write a Business Plan Month, and with good reason. It’s vital to have an updated business plan so you can begin the new year with correct metrics. Find valuable assistance in creating or revising a business plan from BPlans.com, including free plan templates, one-page business plans, and articles to help you. SCORE explains why you should update your plan and offers a template for a startup plan that can be adapted for your needs.

Final thought

To best recession-proof your business, fully understand what’s happened thus far and prepare for the coming year.

As the Buddha said: “No matter how hard the past, you can always begin again.” Do it smartly!

Find more ways to recession-proof your business included in earlier published blogs. 

Tags business lessons business plan economy lessons learned recession recession proof your business review your numbers

Primary Sidebar

Categories

  • General Business (498)
  • Guest Blog (109)
  • Homepage (20)
  • Small Business (989)
  • SMB Financial (322)
  • SMB Legal (65)
  • SMB Taxes (324)

Barbara’s Recent Posts

  • Disasters Happen: It’s Important to Be Prepared Now May 27, 2025
  • How Work Order Software Transforms Small Business Operations May 26, 2025
  • The Numbers Are Up for Sole Proprietorships May 22, 2025
  • New Business or Project Crowdfunding: What To Know May 20, 2025
  • Old-School Estimating vs. Smart Solutions: What’s Really Holding You Back? May 19, 2025
  • Employees Getting Called to Public Service: What to Know May 15, 2025
  • Not Too Late to Prep for Summer Now May 13, 2025
  • How Will the Next Generation of Learners Affect the Workplace May 12, 2025
  • Moms Know Best: Lessons for Entrepreneurs May 8, 2025
  • Mental Health Challenges in the Workplace May 6, 2025
  • Let’s Celebrate Small Business! May 1, 2025
  • Scaling Your Business: Adding a New State Location April 29, 2025
Awarded Top 100 Small Business Blog medal (link will open in a new window or tab)
Marquis Who's Who 2023 Badge
Top Small Business Blogs (Link will open in a new window or tab.)
8 Financial blogs small business Owners Need to Read. Invoice home.  (link will open in a new window or tab)
Best Small Business Blog, Expertido.org
Top 50 Small Business Blogs 2018
Best Small Business Blogs
BizHumm Top 100 Business Blog Award to Barbara Weltman
FitsSmallBusiness.com: Award for Best Small Business Blog 2017 (link will open in a new window or tab)
FitsSmallBusiness.com: Award for Best Small Business Blog 2016 (link will open in a new window or tab)

Footer

Big Ideas for Small Business logo

Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.

Contact Us

[email protected]

(772) 492-9593

gacor maxwin situs slot thailand terpercaya situs slot gacor situs gacor akun pro thailand slot bandar togel terpercaya

Latest Tweets

bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
May 27

Do I Have to Tell External Candidates I’m Considering Someone Internal? — Improve Your HR https://bit.ly/43dscoO #smallbusiness #hiring #workplace

Reply on Twitter 1927477539204710619 Retweet on Twitter 1927477539204710619 Like on Twitter 1927477539204710619 Twitter 1927477539204710619
bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
May 27

A Good Time to Review Your Company’s Driving Policy - https://bit.ly/4lVXNUC #smallbusiness #drivingpolicy #driving

Reply on Twitter 1927462491241562410 Retweet on Twitter 1927462491241562410 Like on Twitter 1927462491241562410 Twitter 1927462491241562410
bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
May 27

Mental Health Challenges in the Workplace - It’s been estimated that nearly 1 in 5 people in the U.S. have a mental health issue https://bit.ly/4jT70LG #workplace #wellness #smallbusiness #wellbeing

Reply on Twitter 1927426874210222315 Retweet on Twitter 1927426874210222315 1 Like on Twitter 1927426874210222315 1 Twitter 1927426874210222315
Load More

Copyright © 2008–2025 Big Ideas for Small Business, Inc  |  Designed by Hudson Fusion

  • Privacy Policy
  • Sitemap