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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