The report discusses the impact of a slowdown on businesses and provides seven strategies to mitigate its effects. These strategies include building a cash reserve, reducing expenses, improving operational efficiency, diversifying revenue streams, strengthening relationships with customers and suppliers, investing in digital capabilities, and being proactive in crisis management. The report emphasizes the importance of being prepared for a downturn, as many businesses were not ready when the COVID-19 pandemic hit. The pandemic has led to a deep recession in all G7 nations, with over 1 million unemployment applications filed in the US for 13 straight weeks. Despite recession talk in 2019, many businesses were not prepared for the downturn.
