5 ways your business can take before the economy slows

In the second quarter of 2022, the U.S. economy contracted for the second consecutive quarter—a move that usually indicates the U.S. is heading for a recession. Historically, small businesses are more likely to be hit harder during recessions. Small businesses are hit harder by budget constraints and reduced purchasing power brought on by the recession, given the tightly controlled budgets that small businesses typically operate on. While economists have differing opinions on whether or when the economy will slip into an official recession, business owners can now take small steps to prepare in case they do.

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