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Lessons From Past Recessions

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The most recent recession was in 2020 and only lasted a couple of months, whereas the 2008 recession lasted about 18 months. Instead of watching what the market does daily, spend some time tending to your finances so you know where you stand. As part of your financial plan, consider the following: Review your finances.

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How to Survive a Recession, According to a 91-Year-Old Business

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The key to staying in business and being profitable, Hustead notes, requires regularly monitoring your overhead, labor, inventory expenses and revenue: “If you run out of money and go broke, you’re out of business.” As a result, he began monitoring the company’s finances on a weekly basis.