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Discussion – 


Discussion – 


Economic recession in 2024: how can you prepare?

In 2024, economic recession seems inevitable in Canada. Everyone’s getting ready for it. Every company and every household is concerned. A number of measures need to be taken. Here are a few tips for dealing with the current situation.

Why prepare for recession?

In times of recession, economic activity declines. Production inevitably falls. This has an impact on company revenues. In the face of all this, some companies still manage to get by. Budget restrictions help them stay on course. Unfortunately, other companies are having to cut staff numbers. As a result, many employees find themselves out of work. As a result, the incomes of many households are falling.
So why is good preparation essential? In this way, companies avoid becoming insolvent. Individuals, for their part, can limit the negative impact of falling revenues.

Advice to companies

Financial difficulties are inextricably linked to economic recession. In anticipation of this, a cash reserve is essential. In this way, business can be maintained as normal for as long as possible. That’s why it’s important to settle debts as soon as possible. You may find it difficult to make monthly payments during the recession. We also have to collect unpaid customer debts. They too may find it difficult to pay you back later.
Good cash flow management is also vital. Evaluate and optimize company expenses. Reduce or eliminate anything unnecessary. Also, try to sell off all your inventory before consumer purchasing power collapses. For example, you can run promotions. Organizing events is also a good idea. Without selling at a loss, of course. Finally, there are unfortunately situations where downsizing is unavoidable. In this case, let your staff know as soon as possible. You must comply with layoff notices according to the number of people affected.

Advice for private customers

The risk of unemployment is very high during a recession. Here are our tips to help you prepare for this eventuality:

  • Start saving now. Ideally, your savings should cover your needs for 6 months.
  • Learn to limit your spending. To do this, adopt the right habits. For example, cook your own meals. Take a shower instead of a bath. Turn off lights when leaving a room. Whenever possible, walk or use public transport. Recycle and repair. At first sight, all this might seem insignificant. However, you’ll soon notice the impact of these changes on your savings.
  • Pay off your debts and credits as soon as possible.

To conclude

Do you find yourself in an insolvency situation despite all your preparations? Don’t panic! This doesn’t always mean you have to declare bankruptcy. We have other, less radical solutions for you. The sooner we intervene, the greater the chances of avoiding bankruptcy! So contact us as soon as the first signs of insolvency appear. We’ll be delighted to help you, whether you’re a company or an individual.

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