There are many unpleasant scenarios entrepreneurs plan for in advance, in an effort to stay afloat if and when trouble hits. These scenarios include losing major clients, lawsuits, and the aftermath of natural disasters. Recessions, however, are a league of their own. They are difficult to plan for in advance, and damage control efforts are akin to fighting an uphill battle.
In the post-pandemic world, staying afloat has proven to be a greater challenge for businesses in non-essential industries such retail, automotives, and hospitality- which in too many cases ended up putting down the shutters.
