What exactly is a recession?
A recession is defined as a sharp decrease in economic activity that lasts months or even years. A recession is declared when a country's economy sees negative GDP, rising unemployment, declining retail sales, and contracting measures of income and manufacturing over an extended period of time.
How can if affect your business?
While recessions can have varying effects on different businesses, some difficulties are foreseeable based on the type and size of the business. A small business may have cash flow problems if clients fail to pay invoices on time, but a larger, more established organisation may be able to save money by reducing jobs and negotiating better terms with suppliers.
Understanding how an economic downturn may affect your company or business can help you avoid becoming one of the next recession's casualties.
How can we help?
Smaller businesses suffer many of the same recession risks as larger ones, but their lack of scale makes them more vulnerable and raises the likelihood of failure during a downturn.
Here at PSP, our team of professionals have a wealth of knowledge and can provide crucial advice and support in the following areas: Energy, water, telecoms, merchant fees, and insurance. Within these areas, we will work with you to identify savings when considering new contracts and choosing suppliers.
Get in touch with our Place Savings experts today at 03330 156 289. Alternatively, you can email info@placesupportpartnership.com.
Let's start saving today!