The Four Reactions to Economic Downturns by B2B Companies
#1 – Prevention-focused
This is the type of company that “circles the wagons…” They take defensive action to avoid losses and reduce risk.
While this is an instinctive move, it’s one that can leave a company on life support until the economy gets better. The typical recession, by most economists’ definition, lasts only about 6 to 12 months, but that doesn’t mean that the economy feels great for everyone when it bounces back.
For example, Investopedia says the recession of 2008 lasted from December 2007 to June 2009, about 19 months. For those in business at that time, we unfortunately remember it being much longer.
This might be the right strategy for your firm, you’ll need to decide, but most B2B businesses are missing opportunities during this time.
When things are tightening up are you planning on hibernating?
Read the complete framework here: https://www.marketfit.co/stoic/.