Well, we’re not officially in a recession, and some local economists are at odds over whether this region’s economy will fall into one. But some consultants are jumping in with advice on how to survive a recession.
BDO Consulting, a Chicago firm, contends that the weakest holiday selling season in years, rising unemployment and the falling stock market may be the final blow that pushes the economy into a recession.
And on that note it says that to weather the storm, businesses should:
*Take fast and decisive action. In order to manage their revenue and debt, companies must qucikly determine core needs and shed excess costs, the conslulting firm says.
*Develop a comprehensive approach. Today’s business environment calls for the fine-tuning of the entire business enterprise and making sure all the parts work together.
*Conduct an internal assessment for possible restructuring. Sometimes it is essential to tstep back from day-to-day activities and ask what adjustments are needed to respond to a changing business environment.
For more tips go to: