Inflation Crashing Into a Recession: How to Survive!
I recently had the privilege of hosting my first roundtable event for The Paranet Group. The Paranet Group facilitates private and business advisory groups in the southeast Wisconsin area, in part by gathering local business leaders and decision-makers to share best practices. This strategy helps us all succeed at a higher level.
The event’s subject matter was indeed timely: When inflation crashes into a recession, how to survive and thrive.
Plenty has been written in local and national press about the political and economic drivers of inflation. Perhaps more important for us, as business leaders and decision-makers, is focusing on how we should move forward.
Group members shared these suggestions and techniques for how to not only survive a recession, but differentiate your company from the pack:
· Be prepared!
· Focus, don’t panic. Be confident.
· Have a contingency plan. Share it. Discuss it.
· Establish good relationships with your suppliers, and diversify your supply chain.
· Selectively build inventories for critical components. The ability to deliver is vital.
· Focus on core customers, and selectively pass along price increases.
· Apply the 80/20 rule to your customer base. You may have to fire a few customers or, preferably, increase prices to a satisfactory level.
· Be creative with your workforce. Incentivize the team. Share your culture. Be visible and flexible.
· Focus on messaging and communication with the sales team. They are the front line, the face of your company to its clients!
A big thank-you to these individuals for sharing their best ideas for surviving a recession: Mary Geniesse, Jake Hanson, Julie Collins, Jeff Errthum, Steve Slack, Dick Scott, Blake Fuhriman, Janet Carwell, Nick Rolf, Geoff Lefeber and Mark Alan.
To learn more about how ideas sharing and peer coaching can grow your organization, please visit The Paranet Group, or dive further right here into SAS Advisory Services!