If you’re a planner at heart, you adjusted your business strategy long ago. Now’s the time to check how your recession plan is working.
Or maybe, after months of denial, the "Big R" finally whacked you upside the head. It’s not too late to employ these tactics in response:
- Assess where you’re vulnerable. What if your largest client shuts down or your suppliers increase prices? Develop a real plan for the worst-case scenarios. Where else are you at risk?
- Seize the moment. This might be the time to establish a competitive advantage. Talent is available, acquisitions are rising, pricing on new equipment could be in your favor, and perhaps you could re-negotiate fixed expenses. So you’re doing this? What else can you do…now?
- Be flexible. Rather than layoffs or early retirement of key talent, consider voluntary sabbaticals, reductions to part-time and work-from-home arrangements. Will you outsource or bring it back in? Maybe you’ve tried all of these …Well, how creative are you?
- Above all, act like a leader. Stay focused. Keep in touch with employees, vendors, customers and your competition. Your business needs you now more than ever.
Steve Riege is a business advisor, executive coach and president of Ovation Leadership in Mequon.
