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10 Ways To Prepare For A Post-Coronavirus Recession

By | Bernard Marr

Although there’s much uncertainty in our world currently courtesy of the major disruption to our lives from the coronavirus pandemic, there are things you can do to prepare yourself and your company for a post-coronavirus recession. While the unknowns surrounding the economic impact of the virus are immense, there are measures every company can take now to prepare to thrive in a post-coronavirus world.

  1. Get a Grip on Financial Numbers

In order for your organization to act appropriately and neither overreact or underreact, it’s important to have performance monitoring systems to understand your current financial health and cash flow. Since running out of cash is still one of the biggest killers of companies, those that have effective ways to monitor and forecast cash flow, revenue, costs, and more are those that are in the best position to survive a post-coronavirus recession. This is something I have helped companies create for the past two decades, and it’s so important to have these tools; but, . . .

2.  Get a Grip on Data

As important as it is to have a firm understanding of your company’s financial position, you must also understand market trends, customer needs, operational challenges, issues around talent, and more. This data will inform everything else you need to do. Every organization needs to develop a data strategy that identifies what data is needed and how it will be used to answer the most critical business questions you face.

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