Articles for June 2009

Beating the Economic Downturn

recessionThe shockwaves of the economic downturn have been experienced by many companies; bankruptcy, banks failing, and large companies cutting their workforce by the thousands. Listening to these news, even if you are someone who’s not into current events in the business world, brings about a downright dreadful impact. This global recession is an exception and makes us remember the Great Depression that happened in the 1930’s. The financial crisis experienced globally has already deep effects for most people. But instead of wearing the serious meltdown on our faces, it is wiser to take necessary actions to help counteract the effects of the tough times.

The government of many countries are also implementing actions to strengthen public investment programs to boost their economy and employment. Their main concern is to focus on the measures that can revive the economy. And individually, we also must be smart and prepared in these times, as nothing seems so stable now and could turn around rapidly and unexpectedly. This is not the time to buy ultra expensive things but to do everything we can to make ourselves resistant to the debt trap. We must also empower ourselves.

If you are one who are already laid off from your current job, know that if there are companies closing, new ones will also arise for there will be different needs that should be met. Each of us is not just a drop in the bucket. Now’s the time to be creative and knowledgable which we can all use to contradict the effects of the hard times.

Recession Proof Skills

A lot of businesses are encouraged to have the necessary skills that can overcome recession. Retrenchment is not an option. Today, there are a lot of businessmen who put their faith to develop skills and abilities in order to combat recession. This would also mean empowering their workforce.

The media is now focused on heightening the awareness of the people when it comes to this issue. This is done in order to decrease the impact of recession especially in the global arena. There are executives and business leaders who are brainstorming tactical actions and plans to reduce the risk of recession that would have an effect of their business.

The answer lies on developing their workforce. Another way is to tap emerging markets that are unlikely to hit by recession. Reducing employees and marketing spending are not tactical ideas to pursue to safeguard business when it comes to recession. There are simply other ways. It is focused on your workforce and diversity. During these economic times having a strong leadership is the key. As a leader you should rethink and refocus your business. It is best to set realistic targets. It is important to have a plan in place in order to minimize the risk of recession.