The recession of 2007-2009 caught many CEO’s off guard. They weren’t prepared for it and they didn’t know how to manage through it. That is because they denied the existence of the impending crisis and they had no experience in running a business during a recession. Their only experience, and their only business model was expansion based. They learned too late that a business cannot be managed the same way during a recession and an expansion. This lead to disastrous results. By the time the recession had ended in 2009 the rate of small business failures had increased by 40%1.And of course quite a few huge companies cratered, including but not limited to General Motors., Lehman Brothers, and Chrysler.
CEO’s took a collective sigh of relief when the recession ended and many of them went on to use the expansion business management model. And that is fine during an expansion. But expansions have limited shelf lives and a recession is certain to follow. Now CEO’s should be asking “when is the next recession and how will I survive it?
There is a process and a methodology that CEO’s can follow to predict when the next recession will occur, prepare their businesses to survive it, and indeed, make the business stronger as a result of that preparation.
Join Steve in the final episode of his 5 part series where he outlines a 6 Point Plan for not only surviving the next recession but coming out of it stronger than ever! In this episode Steve talks about the importance of a recession post-mortem.
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