Crisis is Coming
Many economists are forecasting an economic downturn over the next 1-2 years.
Harward Business Review analysts claim that crisis usually brings both opportunities and challenges, so the companies can strongly benefit from it if they start preparations in advance. Here are several pieces of advice for those who want to keep business afloat in the wake of economic disaster:
• Define what business units could be affected by a crisis and reallocate your resources in a way that enables you to withstand "an economic punch".
• Imagine many different scenarios including the most negative ones and decide what you need to do. In other words, determine your strategy under conditions of complete uncertainty.
• Invest in R&D and innovation, use new tools which progress gives you. Put digital change agendas on hold.
• Think about the long-term transformation agenda. The crisis often reveals vulnerabilities that might not have been visible before, so be ready to urgently fix all the issues you face.
• Contribute to common problems collaboratively