Proactive strategies to survive uncertain times
Economic downturns can impact even the savviest of companies, which is why you need to be proactive if you want to keep your business moving forward during times of uncertainty. One option is to seek an experienced business partner, such as a managed services provider, whose HR expertise can help you control operational expenses and remain flexible.
Not ready for that level of commitment? Here are three other forward-thinking strategies worth considering as you navigate the future of work:
1. Drive operational improvements
- Plan via scenarios
Determine how you would use your capital and position your company for a successful return in different scenarios.
- Reduce costs
Consider disposing of assets and restructuring your expenses to maintain value.
- Diversify suppliers
Expand your sources and secure contracts with providers who will be reliable long term.
2. Manage risks
- Avoid overwhelming your staff
Outsource certain tasks to help ease employee stress during labor shortages.
- Expect supplier and customer failures
Diversify suppliers and monitor customer payments.
- Be aware of your security
Invest in cybersecurity if you shift to a remote workspace.
3. Plan for recovery
- Fill critical talent needs
Use data and metrics to guide your recruitment strategies and potentially lower your cost per hire.
Retool your manufacturing plant, broaden your capabilities or introduce new products.
- Transform digitally
Continue telecommuting if it’s working for your business and employees.