Most small business owners expect a recession, and many are cutting back on expenses in a desperate bid to prepare for it, according to Is Your Business Ready for a Recession?, a study by Clarify Capital.
Of the SMBs polled, 71% think a recession is near — 45% say it will hit before the end of this year. And 70% fear they will not survive it.
But 46% will most likely increase marketing or sales in the next six months, while an equal percentage plan to increase their social media marketing. Another 43% say they will have to build online sales or websites.
Cost-cutting will be critical, the companies state. Among their methods:
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On average, business owners have lost 43% of their clients in the last six months.
Other probable plans include:
One more finding is that 61% have noticed quiet quitters on their staff.
Clarify Capital surveyed 1,000 micro to medium-sized business owners.