Just as we got past the pandemic, a recession is on the horizon. Many businesses survived that disruption but now must face a slowing economy. It’s time to revisit assumptions about the future and adapt your business strategy for recession.
At MLA, we serve small and medium-sized businesses with finance, strategy, and solutions. We help owners see the most accurate, current reality of their organization to capitalize on unseen advantages. Contact us to learn more.
At the beginning of the COVID-19 pandemic, 43% of small businesses in the US were forced to close temporarily, largely due to a reduction in demand, employee health concerns, and disruptions in the supply chain. Two years later, notes MLA Companies co-founder and CEO Seth Morgan, SMBs are still adjusting their strategies and business plans to deal with the realities of a much-changed world.
Those strategies are about to be tested again with the news that the country is in store for a recession next year, as reported in Fortune. “Despite that,” Morgan says, “this is an excellent time to be running a small business. But businesses need to develop clear, reality-based strategic solutions for the challenges that lie ahead.”
Other specialists in the field see it the same way. More than 50% of global strategy experts agreed that the pandemic has permanently changed the way companies should think about strategy. A leading factor in this new landscape, according to those surveyed, is the COVID-driven alteration of employees’ relationship to the workplace, both in terms of geography and scheduling.
Are you wondering how to prepare for the likelihood of recession? MLA provides strategic planning including SWOT, or Strength, Weakness, Opportunity, and Threat analysis. Contact us to learn how we can help you prepare.