The jury still is out on whether the US Federal Reserve will succeed in slaying its inflation foe without killing the economy. However, the threat of recession looms. Whether you’re a small business owner or a business leader overseeing a Fortune 500 mega corporation, there are steps you can — and should — take right now to increase the chances the company will survive economic uncertainty.
As the former Chicago mayor and one-time Chief of Staff to President Barack Obama, Rahm Emanuel, liked to say: “You never want a serious crisis to go to waste.”
When difficult times are on the horizon, it’s easy to think first of retrenchment — lay off workers, cut costs, marshall resources. But the companies that not only survive a recession but thrive after are the ones that see the slowdown as an opportunity.
They will take the following steps to protect their companies. And, yes, this is exactly the kind of challenge that calls for a rock star interim or fractional executive with a proven record of success, even in a recession.