There’s an increasing amount of talk about the USA entering a recession and the possibility that should it do so, it’ll drag the rest of the world with it. So it might be worth considering how recession proof your business is / will be.

It’s a sad fact that when a business fails it can often take one or more of it’s suppliers with it, so for those of you already running a business now is a good time to start implementing a proper credit control process.

Conversely if your business depends on a particular supplier it would be a good idea to consider what alternative options you have if they go out of business.

If you’re thinking of starting a business it might be worth considering how recession proof the business opportunity is.

Putting this all together there’s a few business opportunities that might well thrive during a recession, here’s some that spring to mind:

• Providing consultancy and training on credit control processes.
• Providing outsourced credit control and debt collection.
• Providing factoring.
• Providing credit insurance.
• Providing company credit checks.
• Insolvency practitioners.
• Private investigators.

What else would you suggest? Do you think a recession is likely? If so, what plans have you put in place to deal with it?

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