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Monday, December 5, 2022

5 Ways to Sustain Company Growth during a Recession | Entrepreneur

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For a company to transform, the transformation must happen from within.

The U.S. gross domestic product contracted during the first quarter of 2022, and the stock market entered bear territory for the first time since the epidemic began in the spring of 2020. Recessions may elicit a flight-or-fight reaction in many businesses, and CEOs often believe that quick cost reduction is one of the most effective survival strategies.

Do not launch layoffs in a hasty, impetuous way or out of despair and fear. Many firms may feel driven to reduce their marketing and advertising efforts during a recession: This may leave a hole in some sectors, which the most astute and ambitious businesses will attempt to fill.

The onset of a recession might be an ideal opportunity for businesses to reevaluate prior actions. Slimming down and concentrating on your crucial income generators might result in a subtle but significant alteration of your team. When workers are allowed to exhibit their leadership skills, morale is maintained, and turnover is reduced. The more leaders an organization has, the higher its chances of thriving in the years to come.

Source: https://www.entrepreneur.com/article/428357

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