Is the United States in a recession? No one has officially stated that we are, however, there are many indicators pointing towards recessionary pressures. Though unemployment is low, we're having extreme supply chain issues, interest rates are now rising, but the market is slowing. Ultimately, when we perceive a recession is coming, our natural human response is to prepare for the worst by cutting costs anywhere and everywhere.
There are several preventions you can take to “save” your business in times of fear. Again, the knee-jerk reaction is to cut costs, but carving away at your business can be risky. Letting your top talent go, neglecting your customers, and losing company culture are among those things you should rarely ever consider.
If you are a business owner trying to save money or searching for a place to cut costs, there are a few ways this can be done. Start by understanding the core of how your company makes money. Are their costs ancillary to that core business you can thoughtfully remove? Go back to the basics and only focus on the necessities. Have your top talent brainstorm innovative ideas, become more efficient with your processes, retain market share, and ultimately partner with your employees and customers.
The business acumen model we teach is exactly the skills you need to protect your business in a recession. In fact, we have found that executives are even more concerned with how well their employees understand business and financial strategy DURING times of economic downturn. That's because everything comes down to everyone understanding the core of your business's money-making model. Business leaders recognize business acumen as a non-negotiable for success. Recession-proof your business by understanding business acumen.
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