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Protecting Your Business in 2024

Audio version available here (2 min.)


Business owners know too well that much of their business’s survival can hinge on the state of the economy. In uncertain times, consumers may not spend as much money. Low sales lead to low revenue, and low revenue leads to low profit. How can you protect your business from this fate?


While the United States boasts a stronger economic platform than many other nations of the world, such as France’s precarious standing in the midst of major elections, it is undeniable that the current state of things is not an ideal position for the future. The national debt currently totals $34,866,040,431,327, a sum that is only expected to rise until it completely overtakes the US GDP. The US also has a major election this year, and neither Trump or Biden have adequate plans to address this issue within their campaign promises.


So what does this mean for a business owner like you? First of all, don’t panic. The current federal debt situation doesn’t mean the economy is going to collapse overnight. What it does mean is that you need to prepare your business for a tougher economy. How? Most importantly, know your numbers. You cannot gauge your business’s potential performance if you do not have insights on your past and present performance.


Next, it is vital to have access to cash. Apply for a line of credit so you can have access to cash in the event of an emergency. Even if your cash flow position is lucrative at the moment, this is a step every business owner should take. Remember, cash is king.


Finally, take care of your customers. Even if the economy is in a rough place, you can count on customers and clients you treat well to remain loyal. Work hard and do right by your customer base. Go above and beyond in customer service, and you’ll notice their continuous support for your business.


Let’s circle back to the most important factor, knowing your business’s numbers. Hand the burden of doing your books to a trusted accountant. You can easily find one by contacting XQ CPA for assistance. Our financial experts have worked with business owners like you for over a decade, so call us today to learn how we can protect your business in any turn of the economy.


Phone: 832-295-3353


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Sources:


Want to pay less taxes? Read XQ CPA's official tax planning guidebook! How to Grow Your Wealth Through Tax Planning.

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