National Association for Business Resources Releases Best Practices for Managing a Recession

DETROIT - Nov. 1, 2023 - PRLog -- 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.

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/.