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In the second quarter of 2022, the U.S. economy shrank for the second consecutive quarter — a move that typically indicates the U.S. is headed for a recession. Historically, small businesses are more likely to be hit harder during a recession. The budget constraints and reduced purchasing power that come with a recession hit small businesses harder, given the tightly controlled budgets they typically operate with.
While economists have differing views on whether, and when, the economy will hit an official recession, there are small steps entrepreneurs can take now to be ready, just in case.