Let's first think about securing our mind. At the beginning of this year, let's clarify our business vision, based on our deep values, which are immutable. What's the point of making predictions and estimates over five or ten years when, in any case, the future is constantly changing depending on what we achieve? Let's stop putting barriers on ourselves with figures to reach and a triad of objectives to achieve in the short, medium and long term. The sky is the limit ! We manifest what our thoughts create. Align yourself with what you want for your business. In the general contraction, imagine and magnetize your expansion. It's possible! And that's it for the minute of consciousness.

Another interesting fact: Research from Kinsey and Co. suggests that actions companies take early in an economic downturn not only protect them from recession, but also ensure that once the storm passes, they are strategically positioned for growth.

While the first instinct is to conserve cash and cut spending and delay investments, it is essential to exercise discernment and act in strategic places. Here are three:

First, it may be the ideal time to renegotiate with your suppliers who are lowering their prices. It may even be interesting to seek out new market shares. Let us also mention the idea of developing a collaborative approach by seeking out new business partners who are specialized in their fields and thus reduce costs, in a solidarity economy rather than a competitive one, which is based on the strengths of each party and which aims to produce value together.

As for the expected increase in unemployment, this could be an opportunity to acquire new talent. Conversely, be careful not to let your good players go by wanting to reduce your salary expenses! Even if some layoffs are inevitable, competitors lacking manpower could hire them as soon as the machine restarts.

The most successful companies in a recession are instead focusing on talent retention, ongoing training and employee well-being, ensuring pay equity and the mental health of their teams.

Another investment that should not be overlooked: operational improvements to automate processes, reduce costs and increase productivity. This inevitably involves technology: digitalization, artificial intelligence, machine learning, robotics, cloud computing , integrated management systems, etc.

The customer experience today requires these improvements to be made. It can also be a good time to stand out and capture the attention of new customers. Reducing our marketing and advertising expenses or our investments in innovation is a good idea.