What should businesses be doing in the current economy? | Financial Lieracy Month | B2B Vault | Episode 155

B2B Vault: The Biz To Biz Podcast

English - April 12, 2023 17:26 - 34 minutes - 31.6 MB
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Previous Episode: Big Changes are coming from Visa and the Card Brands! | Cash Discount | B2B Vault | Episode 154

Next Episode: Say Goodbye to Paper Invoices: The Benefits of Electronic Invoicing for Your Business | B2B Vault | Episode 156

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In these uncertain times, businesses need to be nimble and adaptable to stay competitive. In this video, we share practical tips and strategies to help your business not just survive, but thrive in the current economy.

Let's talk about what businesses should be doing in the current economy.

We can take lessones from the downturn in 2008-2009.

Cash is King! If you have good cash flow, start stock piling some of it away. When interest rates go up access to cash gets harder.

If you need to borrow there is no time like the present.

Credit cards - cut back on your credit limits.

Where should you stash your cash? Many banks are actually paying interest in money market account, CDs, and Savings accounts, Even some of the investment banks like Chase and Charles Schwab are also paying interest, and some apps like RobinHood, Betterment and a few others.

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