Five Steps For CEOs to Weather Tough Economic Times
In October, the S&P 500 dropped to its lowest level of 2022 due to a continuous global market sell-off. NYU economics professor Nouriel Roubini, who correctly predicted the 2008 housing bust, now predicts “a nasty recession, nasty stagflation and another severe financial crisis,” and we are now seeing large-scale layoffs beginning to hit major tech companies.
Now is definitely the second-best time for every CEO to weather tough economic times.
Why second best? Because ideally, you’ve already been running your business on a tight leash and don’t have to make major changes. It’s much more difficult to fix bad spending habits once they’ve become habits. Regardless of whether your company is strong or weak, here are a few things for CEOs to address when facing a tough economic outlook.