Whether you believe we’re currently sliding into a recession, already in one or just shaking out the dead weight before accelerating back into another season of economic growth, it’s a good time for entrepreneurs to take stock of the macroeconomic landscape they’re operating in and assess how their businesses would fare in a variety of future scenarios. Some call it recession-proofing your business. I call it being prepared. After all, I was a Boy Scout.
Here are several things entrepreneurs can do to prepare their companies, their teams and themselves for potential market challenges ahead.
Contingency Planning
Pessimists worry about the future. Smart businesspeople plan for it. Since the future is unknown, planning for six, 12 or 24 months from now seems pointless on the surface. But contingency planning can be of great value as founders stare into the unknown, identify a range of potential economic scenarios they…
