What is your Marketing Strategy going to be for the tough times ahead?
Famed investor (and CEO of Berkshire Hathaway) Warren Buffett once commented that “You only find out who is swimming naked when the tide goes out.” His point? Every business leader looks smart during times of economic boom; it’s only when adversity strikes that you see who the real geniuses are.
With an economic slowdown looming, the tide will soon go out. What will it reveal about your business?
CEO’s are concerned that a recession is looming, and they have good reason to be worried.
For the past decade, the United States has enjoyed the longest economic expansion in American history. One thing’s for sure, though – it’s not going to last.
That realization has apparently hit home for the nation’s chief executives. According to the Conference Board’s latest annual CEO Survey, the risk of an economic recession now tops the list of CEO concerns (both in the U.S. and globally).
It’s been a while since the U.S. had a recession, so it’s worth reminding everyone that these downturns are a normal part of the economic cycle. Expansions lead into contractions which then lead into more expansions, and so on. The next downturn is coming, even if no one (not even the most brilliant CEO) can predict exactly when.
It’s a fool’s errand to try and predict when a recession will arrive. A much more fruitful endeavor is to simply prepare one’s business for that eventuality.
Unfortunately, in the minds of many business leaders, that preparation translates into one decidedly unglamorous task: cost cutting.
The knee-jerk reaction to an economic slowdown is to reduce expenses – curtail travel, freeze hiring, postpone investments. While that can help, it can also hurt. A lot depends on where the cuts are made, and how those cuts affect the customer experience…
Read the full article on Forbes: https://www.forbes.com/sites/jonpicoult/2020/01/07/the-best-business-strategy-for-surviving-a-recession/#46c2989369b0
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