5 steps you can take today to prepare your business for a recession - and come out stronger than the rest

Before times get desperate, think through how you can reposition your brand now to survive what's ahead. While this will look different for every business, here are a few things to consider:

• How can you pivot your offerings and products and turn them into a need instead of a want?
• How can you shift audiences so that you are selling to those who will be insulated from the effects of a recession?
• How can you create a low-cost service or product option that will enable you to continue making sales even when people aren't able to spend the way they used to spend?

When the recession hits full force, you are going to want to be able to move quickly.

Make sure you know your numbers. Build up your emergency reserves as much as possible. Start setting aside money to invest when businesses shut down and sell their inventory, or when buildings become available for a fraction of the normal cost. Advertising costs will plummet once the recession is in full effect, which means you will be able to take advantage of a lower cost per lead than ever before.

In order to be able to capitalize on all of those things, you've got to have a real-time pulse on your numbers. So, call up your CFO and put together a plan.

Unfortunately, during a recession, there will be a lot of layoffs. Highly qualified people will be out of work, looking for a job. So, decide who your next hires will be now so you are ready to make an offer when you find the right person.

In order to pad your accounts for future investments, you are going to need to sell, sell, sell while the selling is easy. If your old offers don't work anymore, pivot and sell some more. Do not push the breaks. Now is the time to go full-steam ahead and sell like you mean it.

For many, just the talk of an economic downturn is enough to send them running to the locker room, ready to throw in the towel. But, there will be a select few who decide they are not only going to stay in the game, but that they are going to play harder and smarter than ever.

Those people will win during the recession and set themselves up to thrive long after the recession is over.