Why are you only now considering how to recession-proof your business?

Why are you only now considering how to recession-proof your business?

With the global economy experiencing a prolonged period of growth, many businesses have become complacent and ill-prepared for an economic slowdown or recession. It's surprising to see how only now, during this period of growth, organizations are popping up with adverts on how to recession-proof your business. This raises the question of why businesses are only now considering how to recession-proof their operations and why they have not already embedded an "unknown unknown" into their business strategy.

In the past, recessions were an occupational hazard that most companies had little control over. However, with the current economic climate, management teams have become accustomed to sustained growth and have lost the necessary insight to manage their business through a downturn. Remember that a recession can come at anytime, and companies must be prepared.

Many businesses often overspend during good times without considering the possibility of a downturn. In times of economic hardship, they may have nothing to fall back on and may have to make tough decisions like cutting back on expenses or even going out of business. To prevent this from happening, it's essential to watch expenditures and look at every line item to ensure that costs are inflated appropriately.

It's also important to recognize that business is only partially recession-proof. While some goods and services may be considered essential, people will still look for cheaper alternatives, and companies may experience a drop in revenues. Therefore, it's crucial to take a strategic step back and examine your customers and their buying patterns to understand how they react when they experience a downturn in sales.

Preparing for a recession or significant world event must be fundamental to every business's strategy and plan. By being proactive, businesses can avoid making knee-jerk reactions during an economic slowdown and instead make more informed decisions that are less reactionary. Ultimately, it's vital to learn from past experiences and be prepared to make the necessary adjustments to your business operations to remain sustainable during difficult times.

In conclusion, businesses must recognize that a recession or world event is always possible and be prepared to weather the storm. By taking a strategic approach and being proactive, businesses can ensure they have the necessary insight and resources to make informed decisions during tough economic times. It's time for companies to embed an "unknown unknown" into their business strategy and be ready for whatever the future may hold.

Take a strategic step back, analyse your customers and their buying patterns, and adjust your business strategy and operations.

I urge all businesses to embed an "unknown unknown" into their business strategy and be ready for whatever the future may hold. Remember, there is no such thing as an utterly recession-proof business, but being prepared can help you weather the storm and remain sustainable during difficult times.

By being proactive, you can avoid making knee-jerk reactions and ensure that your business remains successful in the long term.

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Author

Andy Hamer BA (Hons) Marketing Engineering FCIM

Andy a seasoned technology business professional with a wide range of experience in commercial, sales, marketing, and operations.

Andy has successfully delivered disruptive technologies to the market in the UK and globally, building a successful career in technology-enabled businesses by joining sectors undergoing disruptive transitions. He has a diverse portfolio of experience in commercial areas such as sales, business development, account management, strategic planning, analysis and marketing, business acquisition, gap analysis, investment development, and go-to-market strategy, as well as expertise in product marketing, development, management, and technical awareness.

Andy is passionate about helping his customers find solutions that will improve their businesses, increase productivity and quality, reduce costs and waste, and generate more profitable business while minimizing risk. His consultancy clients have included major technology companies: IBM, DEC, Apple, Toshiba, Panasonic and major global services businesses: ATT, BT, CSC, NTT, KDD, and Deutsche Telecom, various medium-sized businesses: Park Law, DBO services, Cirrus Supply Chain, Systems Microwave, and start-ups: CodeBook, Xinaps, Invicara, XYZ Reality, and Archdesk.

Andy offers his services in-person, remotely, and in a hybrid format both in the UK and internationally. We look forward to working with you and helping your business scale and grow by developing a clear commercial and operational strategy.

Book a 60-minute discovery session. Use this link to book a call https://calendly.com/gorilla-revops/discovery-chat