How To Prepare For The Next Recession

Even though the business environment is improving for some companies, don't close the book on the recent recession until you've set a game plan for how you will lead your business between now and the next recession. And, for how you will lead during the next recession.

Write down the lessons you learned over the past couple years and determine how you'll apply each going forward.

You can also take note of the suggestions from savvy business leaders that offer this advice:

•  You have to build trust with your colleagues before a crisis comes or no one will follow you when it does.
•  There is no substitute for preparation. Access your company's strengths and weaknesses at all times.
•  Conduct an annual risk review that encompasses both financial and non-financial risks.
•  When removing employees from your business, be courageous, quick and fair.
•  Pay attention to those who leave and those who stay. And, for those who stay, remove work so the employees left behind don't feel punished for staying.
•  Talk more about values more than rules.
•  Reward not only the performance, but also how that performance is achieved.


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