How to survive the recession… and come out aheadMakarand Vaidya
“Makarand, I am worried about the impact of the global recession. There is a lot of talk going on. Some companies have stopped hiring in anticipation. Do you have any suggestions on how to deal with it?”
“Yash, thanks for bringing it up. Yes, it is something we must consider. No one knows really knows when it will start, how long it will last, and how deep it will be. However, there is no point in worrying about it.”
Here are a few things that one can consider to face the upcoming problem.
– In general, recession affects all businesses, however certain sectors are affected more than others. Some sectors do well in a recession. Where does my business fit this time?
– Is it better to move fast, and get ahead of it? Or is it better to slow down and wait till it passes?
– How can my business survive during the tough time? Is it possible at all?
– Is my team aware? Do they understand the implications?
– Downsizing can help, but it is not the best solution. Rebuilding the team later can be time-consuming and expensive.
The last and important aspect is easy to miss. Do I need to face it alone? Or is it better to team up with others?
As a budding entrepreneur, it is tough to evaluate the last option.
Are you prepared for the recession?