Recession is a word that guarantees to send shivers down the spine of business owners . With interest rates skyrocketing and higher inflation causing a cost of living crisis , it may be inevitable .
It shouldn ’ t be a case of holding your nerve until the worst is over and green shoots start to reappear . There are steps you can take to navigate the turbulence , keep yourself out of panic mode and get your business ready to face anything .
Gill McAteer , Director of Employment Law at Citation , speaks to Intelligent CXO about the five ways businesses can prepare for a recession and minimise the damage it may cause .
So , here are five clever ways to recession-proof your business . . .
1 . Communication is key
While it might be tempting to remain tight-lipped on the challenges a recession may bring , your team know what ’ s going on – it ' s everywhere .