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National data compiled from experienced C-suite leaders from across the U.S.
DETROIT - Michimich -- Even as business leaders continue to worry about softening of the economy, the National Association for Business Resources (NABR) has issued a new report that outlines valuable recommendations for C-Suite executives.
The three-page document, "Recommendations for C-Suite Leaders: Recession Edition," is based on insights compiled from NABR's extensive network of C-suite executives and looks at major economic challenges of a potential downturn.
With information collected from hundreds of business leaders, the "lessons learned" study includes valuable insights about preparing for a recession, navigating a recession and recovering from a recession.
According to the Detroit-based NABR report, leaders should focus on the following before a recession: building up cash reserves; assessing debt obligations; diversifying the company's customer base; developing lines of credit; firing "bad" clients; and interviewing banks for multiple banking relationships.
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If a recession occurs or your industry is in recession, the report recommends that company leaders should focus on: monitoring cash flow, payables, and vendors; communicating with lenders; customer retention; developing performance data and indicators; and seeking new opportunities that arise.
After a recession the NABR advises leaders to consider: reassessing debt obligations; investing in growth; continuing to monitor cash flow; and avoiding going back to the "old ways" of doing business.
"We have found that many businesses are unprepared for a financial downturn. In fact, much diligence needs to be done during strong economic times to prepare for a downturn," said NABR President and CEO Jennifer D. Kluge. "This guide, which is compiled from the many years of experience of 300-plus CEOs, provides a chronological and practical tool for how to manage financial challenges."
About NABR: The National Association for Business Resources (NABR) is an organization that ignites greatness in companies and their people. The NABR community is a platform for dialogue, sharing of best practices, and providing powerful education and resources. Learn more at https://nationalbiz.org/.
The three-page document, "Recommendations for C-Suite Leaders: Recession Edition," is based on insights compiled from NABR's extensive network of C-suite executives and looks at major economic challenges of a potential downturn.
With information collected from hundreds of business leaders, the "lessons learned" study includes valuable insights about preparing for a recession, navigating a recession and recovering from a recession.
According to the Detroit-based NABR report, leaders should focus on the following before a recession: building up cash reserves; assessing debt obligations; diversifying the company's customer base; developing lines of credit; firing "bad" clients; and interviewing banks for multiple banking relationships.
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If a recession occurs or your industry is in recession, the report recommends that company leaders should focus on: monitoring cash flow, payables, and vendors; communicating with lenders; customer retention; developing performance data and indicators; and seeking new opportunities that arise.
After a recession the NABR advises leaders to consider: reassessing debt obligations; investing in growth; continuing to monitor cash flow; and avoiding going back to the "old ways" of doing business.
"We have found that many businesses are unprepared for a financial downturn. In fact, much diligence needs to be done during strong economic times to prepare for a downturn," said NABR President and CEO Jennifer D. Kluge. "This guide, which is compiled from the many years of experience of 300-plus CEOs, provides a chronological and practical tool for how to manage financial challenges."
About NABR: The National Association for Business Resources (NABR) is an organization that ignites greatness in companies and their people. The NABR community is a platform for dialogue, sharing of best practices, and providing powerful education and resources. Learn more at https://nationalbiz.org/.
Source: National Association for Business Resources
Filed Under: Business
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