The Mindful Leadership Blog

Just In! Can You Prepare for a Corporate Catastrophe?

August 15th, 2019

 

What’s hot?

CEOs rank a recession as their #1 external concern for 2019 (reported in the C-Suite Challenge 2019, a Conference Board survey of over 800 CEOs and over 600 other C-Suite executives).

 

 

 

 

 

 

So what?

There’s nothing that will absolutely bullet proof your business in the event of a massive economic downturn.  However, the quality of your products and services will protect you in tough times and you may even be able to profit from them. 

What to do?

Tap into the brain power of a cross-section of your workforce. Hold a carefully planned and facilitated meeting to:

  1. Concentrate on your core competencies. What do you do best and how can you do it better? Can you make existing products smarter? What value can you add now that will differentiate you when the economy gets tough?
  2. Identify specific tactics to build greater trust and brand loyalty with your current customer base.
  3. Identify how you can corral the competition’s customers. To prosper in a recession, you will need to hold on to your current customers while expanding your base.
  4. Determine how to rachet up marketing efforts.

Here’s the best part.  This approach is proven successful when you involve as many employees as possible in plan development and employ simple strategies to ensure you follow the plan. What an easy way to spark company-wide commitment to the desired results, survive and thrive during a recession and create greater customer value.

Need assistance helping your leaders or organization take the courageous steps to “recession-proof” your business?  Contact us about our Future Business Planning Process. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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