While it is impossible to know when or how extreme a recession can be, there are steps that wise business owners can take now in order to prepare their enterprise for leaner times ahead.

Subletting occurs when a tenant rents out all or part of their leased property to another party, called a subtenant. The original tenant remains responsible for the lease agreement with the landlord while the subtenant occupies the space. Subletting requires the landlord’s approval in most cases.