Is Your Business Recession Ready?
The most effective way to prepare for a recession is to strengthen the way your business operates today.
Whether the recession is a year away or two, you need to start planning today.
Here are the questions you should be asking to begin the process of recession-proofing your business:
Ask yourself do I have the right leaders and are they in the right positions?
Do we have organizational goals written and are our employees aligned to meet these organizational goals?
Is our operation the most efficient it can be?
Have we set aside cash to help us in case of a recession?
What marketing and sales strategies are working and giving us the best return on investment?
Have we looked at all our costs and seen whether we can reduce any of them without compromising the quality of our product or service?
Can we automate or outsource any functions or processes to drive internal efficiency or make them a variable cost rather than fixed costs?
As leaders have we prepared by surrounding ourselves with a group of advisors who can help us hold the course and survive?
Economic downturns are an unfortunate fact of life when you run a business. But there are steps you can take now to ready your business and weather the storm with minimal damage.
An excellent strategy to make your business recession-proof are the benefits of a peer advisory group organization like The Alternative Board (TAB). Membership in TAB offers key resources senior leaders need to overcome major business challenges—and to effectively plan for the future.
Learn more about how TAB membership can help you boost sales and marketing efforts, achieve the right work-life balance for you and your team, and offer ideas to plan for whatever the economy holds in store for the future.