Recession Looming? 10 Tips To Help Leaders Manage What Lies Ahead
By Laura Poisson, President of ClearRock
For 21 years, ClearRock has been helping leaders navigate the internal and external complexities of business and people. The last three years have been particularly challenging, given the political climate, social justice issues, the pandemic, the mental health crisis, and a recession threatening our economy. If you became a leader in the last 13 years, you haven’t led through a recession before; don’t worry, you are not alone. Having coached hundreds of leaders through turbulent times, we have collected some advice from our expert team to share with you.
- Take a step back: A macro view can be tremendously beneficial when leading through complex and intersectional challenges. What downstream impact do the current economic/world issues have on your industry, employees, and customers? Look at your organization’s strengths, weaknesses, opportunities, and threats as they relate to the potential impact of current events. How can your business flex to meet the needs?
- Maximize your talent: If someone leaves, consider how else you can divide and conquer the work without backfilling with a full-time hire. Reexamine the superpowers on your team. What skills, life experiences, and expertise might your team bring to the table that is of value at this time? How might their experiences be leveraged while offering them new challenges?
- Find ways to reduce costs and increase value: Reevaluate your spending. Look for waste and reoccurring memberships. Keep only what brings high value. Are you providing services/products that people aren’t using? Consolidate travel, toggle sponsorships, look at where you get the most bang for your marketing bucks and let the rest go.
Want to learn more? Read the remaining tips here