How can startups survive during an economic recession?

How can startups survive during an economic recession?

Startups can survive by focusing on cash flow management, reducing unnecessary expenses, and pivoting their business model if needed.

What specific strategies should I implement to manage cash flow?

Consider creating a detailed budget, prioritizing essential expenses, and exploring alternative revenue streams to boost cash flow.

Should I consider layoffs to cut costs?

Layoffs can be a last resort. Explore other options like reducing hours or implementing temporary salary cuts before making that decision.

How can I maintain team morale during tough times?

Communicate openly with your team, involve them in decision-making, and recognize their efforts to keep morale high.

What resources are available for startups during a recession?

Look for government grants, local business support programs, and networking opportunities to connect with other entrepreneurs.