During this economic downturn, we are anything but "business as usual." This unique time requires creative leadership by business owners to save their businesses. The last few weeks, I have been thinking about a few critical issues that leaders will have to consider once we have recovered and to be better prepared for the next economic crisis.
Business owners and senior leaders must consider the following before the next crisis:
1) Does your business have a crisis plan? What is the trigger for initiating it?
2) How did you care for your employees during this crisis?
3) What IT infrastructure improvements need to be done?
4) Is your business recession proof? Can your business withstand a significant drop in revenue over several weeks, maybe even months? Were you able to create new lines of business?
Future employees will be asking these questions going forward and will want to know how your organization reacted and how well prepared it was for the current economic challenges.
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