Did Carney blink, or did Trump? It doesn’t really matter, because in this risky economic climate that could possibly last for the next 4 years, every business and non-profit organization in Canada will be affected.
In the next few weeks, we will upload some blog posts with actionable tips to prepare for the uncertainty.
Here are some of the strategies to improve your income statement and preserve your cash.
- Accelerate invoicing: This can lead to faster payments and cashflow improvement. Your clients may get impacted negatively by the uncertainty, the sooner you can get paid, the less risk you have.
- Plan for rising Cost of Goods Sold (COGS): COGS represents the cost of raw materials. Tariffs, exchange rates, and other factors could drive up these costs, impacting your bottom line. Should you increase price? Find a way to reduce your COGS?
- Consider reducing overhead: To maintain profitability, consider cutting non-essential expenses and strengthening your cash position in preparation for a potential recession.
If you are a Reconcile’s client, we have done a review of your financials and reached out to you with specific & immediate action items.
Our Fractional CFO and bookkeeping services are designed to increase your profit, cash flow, and overall impact—helping you stay prepared for uncertainty.