Economists continue to be on the fence about whether we will see a recession in 2024. As we enter the last quarter of 2023, we are beginning to see a decrease in car and home sales spending as the interest rates increase. Bankrate reported a 0.7% decline in existing home sales in August, with some areas, like the northeast, experiencing a 22.6% decline.
Business owners who have their eye on the economic horizon are already wondering what they should do to prepare in the event of a downturn. In our experience, there is one main piece missing from most small businesses that, if fixed, can stabilize their incoming cash flows.
