Economic forecasts indicate another recession may be just around the corner. While no one business can control the entire economy, every business can take steps to ensure that it weathers the recession in good shape – and ready to take full advantage of the next economic upswing.
Here are three steps that can boost the health of a business in good economic times and help ensure its survival during a recession.
Know where your capital will come from.
Lack of access to flexible working capital sank countless businesses during the 2008 recession. Learn from their mistakes by identifying and securing sources of credit and capital before a recession hits. Expand credit lines, explore online lending options, and examine your company’s financials to determine whether you’ll have access to the resources you need once things get tight.
Fortify your partner and supplier relationships.
When a recession hits, it doesn’t just hit one industry. Every business feels the effects. In the next recession, your B2B partners and suppliers will also be facing recessionary challenges.
To face these challenges, pull together: Start communicating with partners and suppliers to see where they stand in the face of an oncoming recession. Discuss ways to address potential downturns and support one another.
Build an agile team by focusing on skills first.
No business leader likes to fire team members. When a recession threatens the health or survival of a business, however, reducing the ranks on your payroll may become a necessary task – no matter how unpleasant.
Help your business avoid mass layoffs or survive a trimmed workforce by focusing on skills. Hire workers for their skill sets and ability to learn, not their past experience with a particular role. Train, reskill, and upskill your teams as needed so when the payroll budget gets tight, you don’t have to hire an entire new role to get the skills you need.
Reach Out to Employment Professionals Canada Today
Need help streamlining your hiring process, securing the right talent, or managing your hiring budget? Talk to the recruiters at Employment Professionals Canada. Our staffing partners specialize in helping our clients find the talent they need to keep their business goals on track. Contact us today to learn more.