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prepare the culture for recession

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prepare the culture for recession
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Now is the time to prepare your business for a recession. Add culture building to the typical strategies of cost reduction and cash flow management. A healthy, effective, and resilient company culture can help you not only survive during economic downturns, but actually thrive.

This video explains how brand and cultural alignment and building customer rapport are key to a recession-proof culture.

Brand leadership expert Denise Lee Yohn teaches people how to inspire and become great leaders.contact her via her girlfriend website When YouTube channel.

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Transcript: Preparing Culture for a Recession

What should we do to prepare for the looming recession?

I thought of it, but it was a lucky day.

Taking strategic action early before a recession can mitigate the negative impact on your business. It may also allow you to thrive and grow during recessions.

So work on stabilizing your finances, reviewing resource allocation, right-sizing your workforce, and nurturing your company culture.

Yes, it is. Ensuring a healthy, effective and resilient culture is an important part of recession preparedness. Building a culture may seem like a soft, good thing you can put off when your business is under pressure, but it’s actually one of the most important actions you can take to prepare for a downturn. is.

According to Gallup, companies with engaged employees recovered faster from the 2008 recession. And in his 10% of companies analyzed by McKinsey researchers, the resilience that boosted total shareholder return after the recession can be attributed to cutting costs, as well as fostering corporate culture. .

Specifically, we recommend building your culture around brand and cultural alignment and customer intimacy.

Are you aligning your brand with your culture?

First, brand culture integrity. Aligning and integrating both your external brand identity and your internal organizational culture not only builds a culture that supports and promotes differentiation, but also provides perceived value that becomes more important during a downturn. Decision making under pressure.

Recessions tend to force companies to make tough decisions about which products to discontinue, which projects to fund, and which customers to prioritize. Some might recommend centralizing the organization so that these decisions can be made easier and faster. However, centralization eliminates the ability to respond to regional developments and the ability to make on-the-spot phone calls often needed in turbulent times.

Instead, anchoring a single organizational purpose and a single set of core values ​​that guide the brand and culture can help clarify priorities and decision-making criteria. enables everyone in your organization to share a common understanding of what is non-negotiable.

How close are you to your customers?

Second, I encourage you to cultivate a culture of customer rapport. Preparing for a recession requires staying diligent during the recession and deepening relationships with the customers most likely to remain profitable. That means everyone in the organization needs to embrace those customers and understand what they want and need.

Thus democratizing customer insights. With open access to customer profiles, journey maps, and needs analysis, employees know who to focus on and how to serve them. By fostering empathy across your workforce, you enable them to better respond to changing customer needs in the light of a changing economy. It also provides visibility across the customer journey, helping employees decide where to focus their limited resources in the customer experience.

why now is the time to prepare

Building brand culture alignment and customer intimacy takes time, so now is the time to nurture your culture and prepare your business for the next downturn.