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Preparing Your Company for the Next Recession
source link: https://nextbigwhat.com/ideas/preparing-your-company-for-the-next-recession/
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Assess and Build Organizational Resilience
- A strong balance sheet allows leaders to avoid short-term choices that impair their organization's long-term performance
- Secure access to external financing enables companies to invest for the future while competitors tighten their belts
- Diversification generates diverse growth options and the resources to fund them
- Low fixed costs enable companies to scale back operations in the face of declining demand and to remain profitable, even if prices drop
- General cost discipline contributes to lower fixed costs, and so does making costs variable through outsourcing activities, hiring freelancers on a project basis, or moving IT infrastructure to pay-as-you-go platforms
- Recession-resistant customers generate reliable sales through the business cycle
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