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Episode 119: Business Continuity in a Recession – What You Need to Know
This episode is brought to you by Fusion Risk Management, Building a More Resilient World Together. Request a demo at https://bit.ly/FusionDECODED today!
There’s a lot of buzz going on about a looming recession, and we’ve already seen mass layoffs affecting many industries this year. In this episode, we’re sharing how business continuity professionals in any industry can plan for a recession, and important reminders on how treating people well during this time can have a lasting impact.
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Some key takeaways from this episode include:
- Recessions are an inevitable part of the ebbs and flows of the GDP. This means we can plan for them, and that we shouldn’t panic when talks of a looming recession start coming up.
- Focus on the cash flow of your business, as well as your personal finances. Look at your business savings and calculate how many months that could sustain the company if revenue decreased significantly.
- Is it possible for you to cut expenses in an area unrelated to payroll to avoid layoffs? Consider cutting CEO or executive salaries if that can help to prevent layoffs.
- If you do need to conduct layoffs, how can you do so in the most empathetic way possible? A cold mass Zoom call is not it. How you conduct your layoffs will impact the morale of the remaining employees and your ability to recruit talent in the future.
- Recessions are temporary, but how you operate through them can have an impact that outlasts the recession. What are your company’s core values? How are you living those out during this time?
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Vanessa Mathews, host
Vanessa Mathews is the founder and chief resilience officer of Asfalis Advisors, where they are focused on protecting the legacy of the leaders they serve through business resilience. Before becoming an entrepreneur, Mathews developed global crisis management and business continuity programs for government and private sector organizations to include Lowe’s Companies, Gulfstream Aerospace, and the Department of Homeland Security.
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Jon Seals, producer
Jon Seals is the editor in chief at Disaster Recovery Journal, the leading magazine/event in business continuity. Seals is an award-winning journalist with a background in publication design, business media, content management, sports journalism, social media, and podcasting.