Let’s consider the financial crises small businesses have faced in the past century or so. There have been the two world wars, of course, a major economic depression, a major recession in 2008, Brexit, and events like the dot-com crash of the nineties. Economists would say that people should ask if there would be another financial collapse, but when? So the short answer to the titular question is ‘yes,’ small businesses should prepare for a market collapse under all circumstances, advises Global Resources LLC consultants.

If the economy collapses like it nearly did in 2008, then it’s little chance that your small business would thrive. Your small businesses may face bankruptcy, not due to a lack of profits per se, but for a lack of cash. Here are some of the things a small business can do to face the inevitable:

Save Up in Multiple Currencies – Brexit, which only happened recently, sent the value of the Sterling pound into freefall. But British small businesses that had savings in Euros and dollars didn’t suffer too much. Therefore, it’s strongly advised for companies to have savings in multiple currencies. Even if the dollar value plunges, the business savings will be intact in another currency.

Buy Precious Metals – Precious metals like gold and silver has been a forever favorite of investors to act as a hedge against losses caused by economic volatility. The value of precious metals is priced inversely proportional to the value of fiat currency.  For example, if the value of the dollar depreciated in the wake of an event like another subprime mortgage crisis, the value of gold will go up. An investor who has gold in his or her portfolio doesn’t really lose wealth in this situation. Small businesses, like savvy investors, should buy gold and silver to protect the company’s overall wealth from another financial crisis.

Invest in Real Estate – Real estate is highly valuable as an essential commodity. It’s strongly advised for businesses to invest in real estate like agricultural land and rental properties for high credit tenants. Real estate deals are not made equally good. Small businesses will have to distinguish between the good real estate and bad before diversifying the investment portfolio in this manner.

It’s recommended for small businesses to have at least three months worth of emergency funding saved up just in case. Also, do develop a backup plan for the company if the market faced another financial crisis. To find out if your business is resilient enough to survive another recession, go for one of our acclaimed Global Resources Reviews.