10 Steps to Recession Proof Your Business By Mark Allen Roberts We are experiencing both prosperity and uncertainty. With rising costs and stock market fluctuations, is your business prepared for a business slowdown and/or recession? II you and your team ask:” how we can recession-proof our company?”, this article is for you. Meeting with CEOs, CFOs, and Sales leaders, the “R” word keeps coming up lately: Recession. I recently read a study that shared that 68% of CEOs believe a recession is likely, but very few teams have a plan in pace should it occur. What is a recession? I’m not an economist, but my understanding is that it is a strong drop in GDP for two quarters, coupled with increases in unemployment, and consumers and businesses curtailing large purchase spending. Since World War II, we have experienced 12 recessions lasting 8-18 months, and the average was 11 months. Is your business prepared should you experience an 11–18-month slowdown in revenues? In a Harvard study of past recessions, 75% of businesses with $50 million or more in sales realized declining revenues while 14% of companies realized accelerated growth. Here’s what the teams that realized accelerated growth did during times of economic slowdowns and recession.
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