There is no question that we are currently experiencing a global economic downturn. The ONLY question is how long it will last, and how deep and broad the impact will be. A recession (in any individual country) is formally declared after a fall in gross domestic product (GDP) for two consecutive calendar quarters. But, most law firms and other companies don’t have the luxury or time to wait to act until a formal recession is declared.
Here are nine things to consider doing soon:
1. Take note from what’s worked in the past to survive and thrive during and after a recession. Here are the top five lessons CEOs learned on how to survive and thrive during and after the recession of the mid- to late 1990s: