here has been much discussion of late about whether we are in a recession. To me, it seems like a lot of hair-splittings, but to economists, who apparently believe in precision, there is some dispute. Nonetheless, there is no doubt that we are in an economic downturn of unknown duration and that many businesses will suffer.
Business owners should always have a deep enough understanding of their business so that they know how external changes will affect them.
Anybody doing strategic planning knows the importance of looking at all factors external to your business, over which you have less control. How can your competitors impact your company? What about another terrorist incident? And how about a recession?
Is your business recession proof? If you think so, why? How can you make it more so?
We look at some big companies like Halliburton, Bechtel and many defense contractors and we see organizations that actually thrive in a crisis. They are built to do so.
Most of us are not set up to thrive in crisis. But what can we do to keep our businesses going in a crisis? How can we position ourselves to stay in the game, to make our products or services necessary to our market?