Layoffs are all over the news lately, and the word “recession” is everywhere. As a business owner, you may be fielding your employees’ questions about how a recession will affect your business. Smart business owners recognize the need to prepare for a recession before it becomes a reality.
Preparing for a recession may feel counterintuitive–like you’re bracing for a car crash. However, having the right plan in place can help ease your mind and soothe the concerns of your employees. You won’t wonder what you should do when the recession hits; instead, you’ll implement a plan with a cool head.
Jonathan Slain spent the Great Recession huddled in the fetal position on the floor of his office. He borrowed $250,000 from his mother-in-law to stay afloat, eventually paid his mother-in-law back, and is now a highly sought-after consultant. He leverages his experience in investment banking and as an entrepreneur on the keynote speaking circuit because he doesn’t want anyone else to borrow money from their mother-in-law in the next recession. He is also the bestselling author of Rock the Recession: How Successful Leaders Prepare For, Thrive During, and Create Wealth After Downturns.
In this episode of The Customer Service Revolution Podcast, Jonathan joins John to discuss preparing your business for a recession before it starts. He outlines his four-tiered Emergency Brake companies should be ready to execute, how to identify who you’d have to let go during an economic downturn, and why you need to have a tiered recession plan in place before a recession hits.
Here are just a few takeaways:
- The definition of a recession and where we are in our economy concerning a recession
- How a recession can be an excellent opportunity for companies, and how transparency about a recession can help avoid panic in your workforce
- The four tiers of an Emergency Brake that companies need to be prepared to execute
- What non-economic recessions are that can affect businesses
- How to identify which employees you want to keep in a recessionary environment
- The benefits a recession can bring to your company
- Why you should always have a tiered recession plan in place
Jonathan’s book Rock the Recession
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