May the best company survive the economic recession
SEPTEMBER 5 2022 | FOR COMPANY | BY ROCÍO DURAN
The risk of a recession is increasing, but it seems that we are in a kind of "will we do it or not?" situation. Economists say there is no reason for the average American to panic. But what is causing this panic? During a recession, the economy has problems, people lose their jobs, companies make fewer sales, the prices of all products, especially those related to the family shopping basket, rise excessively, and in general, the economic production of the country decreases (Forbes adviser).
Worried about a recession? This blog will focus on tips on how to prepare your business and survive if a recession strikes.
It is better to be safe than sorry to prepare your company in advance! As leaders of small and medium-sized businesses, we have a great responsibility to ensure that our company survives and I know that this is an opportunity to identify the gaps and take the necessary measures to strengthen them.
Fears of a recession:
Knowing that a recession may be upon us certainly creates fear and a sense of panic, but it doesn't need to be if you're well prepared for what's to come. Employers worry about how to generate income during an economic downturn, while employees fear losing their jobs, as mass layoffs can happen at any time during a downturn.
3 tips on how to put on your seat belt and prepare
Employee Engagement: Keeping our employees happy, valued, and cared for should be a top priority for every company. So if they, too, fear a recession, be sure to communicate transparently with your team. Even bad news has to be commented on. It is better that there is clarity and that the information comes from the leaders to allow corridor comments.
Continue to build trust and increase engagement, be sure to listen to their needs and the information and fears they have about the situation. Employees will look for leaders who are willing to fall into the trenches with them and this has two sides, one that they want leaders who confirm their fears, and the other that what they need is leaders capable of showing them clear strategies to stand and excel. Great Place To Work mentions, “Listening to your employees, being transparent with them, and making diversity and inclusion a key component of your recession plan” will help get you through the coming turbulence together.
Innovate: Your company must be ready to change direction and innovate, and this is where diverse and inclusive companies can shine and become stronger instead of suffering, given that they have a broader perspective on the facts and possibilities provided by their employees. This alliance also opens space for the creation of high-quality ideas with a broader impact on your company and this is how you will not only see it grow but also take advantage of the opportunity to become a pioneer in its field.
The way we bring the collective of ideas together and open space for divergent and systematic thinking will allow us to realize the speed of impact of our ideas and determine how our companies will grow in a positive direction. Growth Institute mentions that with the current economic situation, it is better to go fast. This means frequently discussing with your customers and employees, and being ambitious, specific, and transparent with them.
Diversify: After the COVID-19 pandemic of 2022, the growth of e-commerce was tremendous and has continued to grow even more since then. So this is a space to explore in these times ahead.
More people are encouraged and prefer to buy online. How can your company attract these types of consumers? By including online services in your company, allowing your company to be known on social networks and, in general, diversifying.
My boss suggests thinking about how you can complement your current catalog of products and services with innovative proposals that surprise your customers and build loyalty. E-commerce can help you discover other lines of business. This is a great way to reach new customers and keep your customers loyal. If you need help with this, we have the best firm to support your business. Call us.
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