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Infographic on How to Prepare for a Bear Market

Step 1: Identify Your Essentials

Separate your Must-Haves from your Nice-to-Haves so that, when forced to make cuts, you don’t undermine the fundamental and functional parts of your business.

Step 2: Focus on Efficiencies

Where can you reduce managerial red-tape? How can you leverage the strength of team members to streamline existing processes?

Step 3: Leverage Technology

Talk with teams about which parts of their jobs are heavy on mundane, manual labor and could potentially use automated support.

Step 4: Prioritize Employee Well Being

A bear market places significant stress on employees. Creating an environment that puts them and their health first will also create a happier, more focused, and more productive workforce.

Step 5: Be Ready for Opportunities

Financial firms are known for reminding clients during downturns that it’s here the real money can be made — if one can bear the pain. The same is true for businesses.

Most Importantly: Listen to Risk & Compliance Teams

A bear market doesn’t mean the regulatory wheels stop turning. On the contrary, Risk & Compliance professionals often serve as a business’s crisis response team, making their work more vital than ever. Make sure they’re equipped with the tools they need during these uncertain times.

READ ARTICLE: 5 Ways To Prepare Your Business for a Bear Market

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