Like death and taxation, economic recessions and downturns are inevitable. And—again, like death or tax bills—when they arrive it is too late to do anything about them. Companies that fail to prepare for a recession will inevitably suffer when the economy turns down. However, companies that exercise foresight and make reasonable preparations will usually find that they can outride the recession wave with less difficulty; and even, sometimes, take advantage of possibilities for growth. One company’s crisis is very often an opportunity for another to prosper.
Preparing for recession and downturn should be part of every company’s long-term strategy. Economic cycles have been around for centuries, from the South Sea Bubble to the 2008 financial crisis, and there is no reason to suppose that they will end any time soon. A combination of economic forces and human nature, veering from optimism to pessimism, and back again, means that economic tides will ebb and flow. So, one thing we know for certain is that there will be another recession, and another one after that, and so on; the only question is when? Leaders of businesses have a responsibility to prepare for these inevitabilities well in advance because, to repeat the point just made, once the recession arrives, it is too late. The only people who will prosper then are the lawyers and insolvency practitioners.
Have a strategy in place
هذه القصة مأخوذة من طبعة November 2019 من Indian Management.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 2019 من Indian Management.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Trust is a must
Trust a belief in the abilities, integrity, values, and character of any organisation is one of the most important management principles.
Listen To Your Customers
A good customer experience management strategy will not just help retain existing customers but also attract new ones.
The hand that feeds
Providing free meals to employees is an effective way to increase engagement and boost productivity.
Survival secrets
Thrive at the workplace with these simple adaptations.
Plan backwards
Pioneer in the venture capital and private equity fields and co-founder of four transformational private equity firms, Bryan C Cressey opines that we have been taught backwards in many important ways, people can work an entire career without seeing these roadblocks to their achievements, and if you recognise and bust these five myths, you will become far more successful.
For a sweet deal
Negotiation is a discovery process for both sides; better interactions will lead all parties to what they want.
Humanise. Optimise. Digitise
Engaging employees in critical to the survival of an organisation, since the future of business is (still) people.
Beyond the call of duty
A servant leadership model can serve the purpose best when dealing with a distributed workforce.
Workplace courage
Leaders need to build courage in order to enhance their self-reliance and contribution to the team.
Focused on reality
Are you a sales manager or a true sales leader? The difference, David Mattson, CEO, Sandler® and author, Scaling Sales Success: 16 Key Principles For Sales Leaders, maintains, comes down to whether you can see beyond five classic myths that we often tell ourselves about selling.
