In a rough economy, pretty much no one is immune to a little turbulence — that can include your tiny business. And the bigger and more resources you need To run your business, the more you’ll need to pay attention to when you try to protect it.

Below, CNBC Select outlines a few simple ways you can generate your business more resilient during uncertain times. Read on to learn more.

Protecting your business in uncertain times

Build up reserves

Reduce unnecessary expenses

Start contingency planning

Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.

3.09% with a daily balance of $5,000,000 or below; 3.90% with a daily balance above $5,000,000

$100 to open account

2.85%

Experts recommend putting aside a portion of your revenue so you can pay taxes, 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 negative month with low revenue and still lots to pay for, you can utilize some of those savings to cover the bill.

The LiveOak Business Savings 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.

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

Live Oak Business Savings

Annual Percentage Yield (APY)

Minimum deposit

None

Monthly maintenance fee

Special offer

Maximum transactions

Up to 6 free withdrawals or transfers per statement cycle

Excessive transactions fee

$10 This also touches on aspects of portfolio.

Overdraft fees

$25

Offer checking account?

No

Offer ATM card?

Terms apply.

Above-average APY

No minimum deposit required to open account

No monthly fees

No welcome offer

No physical branches to do in-person banking

No checking account option

Axos Bank Business Premium Savings

3.60%

Yes

Yes, if the account holder has an Axos business checking account

Deposit checks remotely using your mobile device

No physical branches for in-person banking

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.

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 To operate your business, especially if they directly help you build funds.

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.

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.

Produce sure your business is insured

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 expansion on the things you need most to run your business, rent for your storefront increases — you name it. Look at where your company’s weak spots are and address those first.

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

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Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can build informed decisions with their funds. Every modest business article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of minor 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.

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