The last Businomics newsletter had a checklist for business planning for recession. Here it is:
- Assess your vulnerability to recession
- Sketch out contingency plans
- Develop an early warning system
- Build flexibility into the business to enable future cost-cutting.
This is a sketchy summary of several chapters in my forthcoming book. (Stay tuned for ordering information.) If you think your business can't wait, call or email me and I can work with you on getting ready.
However, I AM NOT FORECASTING A RECESSION right now. I do believe that every business, government and non-profit executive should be doing some contingency planning right now. The odds look like one in four of a recession beginning in the next 12 months, with some of my economist colleagues thinking more like 70% probability. Check out Nouriel Roubini's posting for an explanation of the really dismal scientists' view.
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