Tips about surviving and thriving in a recession you should know
There’s much talk these days about a recession and what that could mean for our own businesses. Recessions can be tough for some and yet others thrive. What’s the secret? Is there one?
In my research I’ve identified strategies that can help businesses not only survive, but thrive during economic downturns.
What I found can be summed up in three main areas:
How confident are you about your business growth over the next three years?
Based on KPMG’s 2022 SMB Business Outlook Survey, 83% of SMB leaders are confident in their company’s growth over the next three years.
KPMG has also identified that the single most significant source of growth over the next three years will come from organic growth (innovation, R&D, investments, new products, and recruitment) ranked at 24%. Other forms of growth cited were Digital and Technology Investments 18%, Strategic Alliances with third parties 18% and Attracting Fresh Capital at 10%.
Organic growth involves evaluating your operational models for efficiencies, enhancements, or other initiatives that will strengthen your company.
This is where the consideration of adding value comes in…