It seems the dreaded “R” word has been looming in the news lately. For those running a business, whether it be a solo-small law firm or a national firm, one word you don’t want to hear is “recession”. Recessions usually bring with them a dearth of new clients, increased taxes, and reduced spending on everything from consumer goods to the services we as lawyers provide.
There have been ominous economic forecasts for 2019. Economic growth in Canada is poised to plateau and decline, and so those of us in business must get ready to tighten our belts and plan for a famine in order to survive. Here are some strategies to help you maintain your cash flow during lean years.