We know a recession is coming, but we do not know when. In the 2019 FMI Overview, FMI reminds us that now is the time to prepare for the next downturn while the market is still good. To prepare, FMI put together a list of the top lessons learned from the last recession.
- Do not wait too long to make any hard decision you have been deferring.
- Find your sweet spot and do not just follow the herd.
- Work on the new, envisioned future and set the strategy for post-recession success.
- Get a grasp on “incremental economics” like revenue, margin, and overhead.
- Maintain a healthy balance sheet in the context of growth plans.
- Get positioned in your market early.
- Get more feet on the street.
We are looking ahead and cautious, and we will be ready when the recession hits. Will you be ready?