There's little doubt among my executive clients that an economic downturn is on the way. Are they worried? Not especially. Instead, they view pending economic challenges as a springboard to drive profitable growth, innovation, and competitive advantage.
Given that optimism, these leaders aren't spreading messages of gloom and they aren't pressuring their people to raise already sky-high targets. Instead, they are delivering a rallying cry:
We will not decline
as the economy slows. We will demonstrate to the market and prove to ourselves what we’re really made of...
Here are five tips for leading a recession-proof business:
1. Assess the competition.
In which ways does the competition currently have the advantage? What are your competitor’s overt and subtle weaknesses? How will you differentiate your business to increase market share?
Read more here:
Assess the competition…
2. Assess your organization.
Do you have the right people in the right roles doing the right things to ensure success today and accelerate growth, profit and innovation? Read more here:
Assess your team…
3. Assess the market.
What will help your organization stand out as a future-oriented, confident, customer-centric engine of innovation? Where will there be new and profitable openings in the market? Will less agile, less proactive organizations falter? If so, how will you serve the market with much-needed products and services, now and into the future?
4. Assess risk.
Where might you lose marketshare in the face of an economic downturn? Which of your key employees are likely to get anxious about the future? What’s your plan to retain and develop leadership and vital talent?
5. Assure your stakeholders.
Make sure your employees, customers, and shareholders view you and your company as confident, courageous, savvy and ready to make the most of any economic shifts that come along.
In my next book, which will be about speeding up in the face of external slowdowns, I'll show you how to recession-proof your organization, expand as others contract, and come out ahead, no matter how the climate may shift.
If you're interested in learning more, or if you'd like to see your story showcased my new book, just reply to this email.