{"id":413511,"date":"2026-04-27T17:04:09","date_gmt":"2026-04-27T17:04:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/413511\/"},"modified":"2026-04-27T17:04:09","modified_gmt":"2026-04-27T17:04:09","slug":"protect-your-business-in-uncertain-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/413511\/","title":{"rendered":"Protect Your Business in Uncertain Times"},"content":{"rendered":"

In a rough economy, pretty much no one is immune to a little turbulence \u2014 that can include your small business<\/a>. And the bigger and more resources you need in order to run your business, the more you’ll need to pay attention to when you try to protect it.<\/p>\n

Below, CNBC Select<\/a> outlines a few simple ways you can make your business more resilient during uncertain times. Read on to learn more.<\/p>\n

Protecting your business in uncertain times<\/p>\n

Set aside money for future use in a savings account designed for business<\/p>\n

Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.<\/p>\n

\"\"<\/p>\n

Annual Percentage Yield (APY)<\/p>\n

3.09% with a daily balance of $5,000,000 or below; 3.90% with a daily balance above $5,000,000<\/p>\n

Build up reserves<\/p>\n

Experts recommend putting aside a portion of your revenue so you can pay taxes<\/a>, but during uncertain times, do a bit more than that. Set aside any extra savings so you can weather more serious financial setbacks, like if you have a bad month with low revenue and still lots to pay for, you can use some of those savings to cover the bill.<\/p>\n

The LiveOak Business Savings<\/a> is a top business savings account because it offers a decent APY for earning interest on your balance. It doesn’t have a minimum required deposit to open an account and there’s no monthly maintenance fee.<\/p>\n

Similarly, the Axos Bank Business Premium Savings<\/a> also offers a strong APY and doesn’t come with a monthly maintenance fee. This account also offers checking account access.<\/p>\n

Live Oak Business Savings<\/a>Annual Percentage Yield (APY)Minimum depositMonthly maintenance\u00a0feeSpecial offerMaximum transactions<\/p>\n

Up to 6 free withdrawals or transfers per statement cycle<\/p>\n

Excessive transactions feeOverdraft feesOffer checking account?Offer ATM card?ProsAbove-average APYNo minimum deposit required to open accountNo monthly feesConsNo welcome offerNo physical branches to do in-person bankingNo checking account optionAxos Bank Business Premium Savings<\/a>Annual Percentage Yield (APY)Minimum depositMonthly maintenance\u00a0feeMaximum transactions<\/p>\n

Up to 6 free withdrawals or transfers per statement cycle<\/p>\n

Overdraft feesOffer checking account?Offer ATM card?<\/p>\n

Yes, if the account holder has an Axos business checking account<\/p>\n

ProsAbove-average APYNo monthly feesDeposit checks remotely using your mobile deviceConsNo physical branches for in-person banking<\/p>\n

CNBC Select tip<\/p>\n

When you feel as a business owner that you’re approaching hard times, it’s smart to look at diversifying your different revenue streams. This may look like coming up with another product to offer or securing one more client or opening up an additional distribution channel.<\/p>\n

Reduce unnecessary expenses<\/p>\n

When times are tough, some of the expenses that used to feel accessible may suddenly feel like a luxury. There are definitely some expenses you absolutely need to keep in order to operate your business, especially if they directly help you make money.<\/p>\n

But there may be ways to lower those expenses if you still need them in your budget yet also want to keep costs down. For instance, you can negotiate with vendors, downgrade some subscriptions and other tactics.<\/p>\n

If you can’t lower the expense and it has your budget in a chokehold, you might consider cutting it out altogether if your business can still run without it. The point is to keep your business lean and eliminate expenses that will put a strain on your business during an already stressful time.<\/p>\n

Make sure your business is insuredStart contingency planning<\/p>\n

Contingency planning is basically a formal way of saying come up with a Plan B. In this case, you’ll want to come up with a backup plan for anything that can go wrong in your business: you lose your manufacturer, prices increase on the things you need most to run your business, rent for your storefront increases \u2014 you name it. Look at where your company’s weak spots are and address those first.<\/p>\n

Contingency planning can help you figure out what you need to set aside money for in a rainy day fund. And if things hit the fan, at least you already know what your next step should be.<\/p>\n

Need a business loan?<\/p>\n

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Money matters \u2014 so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.\u00a0Sign up here<\/a>.<\/p>\n

Why trust CNBC Select?<\/p>\n

At CNBC Select<\/a>, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every small business article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of small business products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.<\/p>\n

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff\u2019s alone, and have not been reviewed, approved or otherwise endorsed by any third party.<\/p>\n