Tuesday, February 18, 2020

Business Education

Recession survival tips for young CEOs

The recession is one phase every business has to face and stay strong if they want to continue with the dream to get Fame, money, and success. Start-ups usually face a number of issues and recession is just one of the many difficult phases they have to go through.

Talking about the recession face, it is important to know that there are many tips and tricks that can be followed in order to be sure that we will survive this phase and stay strong for a long time. We have noticed some of the recession survival tips below.

1. Understand your successor

Being a young CEO is not easy because there are many people willing to take your position. Shortlist the most Eligible Candidates and understand what would they do after replacing you. This is an important question because many people often feel threatened by the smartness of their predecessors. In your case, if you know that your success will have certain constraints, you should make it a point to get an ideal solution and be sure that you complete with your success is in the best possible way. Remember that if you have worked hard and you leave it all as it is, the successor will get the credit for everything good that happens in the company after you quit. So, make sure that you complete every task you have started and let the world know about your achievements.

2. Be ready to take the responsibility

Things often turn out to be difficult when the boss does not want to take the blame. However, if you know that you have taken up a particular task and you want to get an ideal solution, in this case, make sure that you act accordingly and be ready to take responsibility for the activities carried out by you. It is difficult for young CEOs to take the responsibility when things are not going the right way. If you’re afraid of taking the responsibility during the recession phase, your people will not have any trust in you, and they will start looking for someone who can deal with issues in a better way.

3. It is not only about you

You’re young, and there is a lot for you to explore. However, you should understand that the entire world will not be worried about you specifically. You have a company’s name attached to you, and every decision you make will affect not only your reputation but also the reputation of your company. With this, it is also important to know that you have to constantly make decisions that will have a considerable impact on the company’s success even in the troubled situation. For example, during a recession phase, if you’re planning to invest in a particular asset, you should be sure that the ICO investment will be good enough not only for you on a personal level but also a good enough for the CEO of the company. Your decisions will be closely watched, and any step taken by you’ll have a considerable impact on the company, especially during the recession phase.

4. Running revenue meetings on a regular basis

With plans to hold a revenue meet every week, it is possible that there will be a lot of time invested in this direction. There will be many people who will oppose the decision if they consider it to be a waste of time. However, you should remember that it will be a waste of time only if there is nothing fruitful coming out of the time spent for a revenue meeting. This also means you’ll have to prepare yourself in a way so that you do not face any criticism at any given point of time.

5. Don’t panic

This is a phase where even some of the strongest people start to panic. It is quite obvious because things are not going your way and your business has been drastically affected by the negative impact of the recession. In this case, if you start to panic, you’ll not be in a position to keep others come. This is the most important thing, and it should be on your mind in situations when nothing else can be done.

If you’re in a situation where you are about to panic, make sure that you pull down your stress levels and look for ways in which you can keep yourself calm. If you cannot keep yourself calm, it will be difficult for you to stay connected to your goals and find an ideal solution to the situation.

6. Be simple

It is a leader’s responsibility to make the task sample for his team and ensure that nothing goes wrong in the process. Simple is the need of the hour, and it turns out to be the most important aspect during recession phase. Keep it simple and avoid complexities to the extent possible. This will not only help your team to rebuild but also ensure that they are not struggling to keep up with the pace of the competitors. Remember that competition will always be there and you’ll have to face it with all your strength. Simplicity should be a part of your strengthening strategy, and you should use it in the best possible way.

7. Being the aggressive

The recession is a phase where you’ll assume things to be difficult for you to survive and you would want to be defensive in such situations. However, it is better to be aggressive and have a strong strategy that will not force you to be the victim in such situations. People often cry when they think that they are the victim of nature, but the fact is that they are always in a position to keep guard and be strong enough to compete with the best in the market.

It is all in mind and, if you assume that you’ll be in a position to be the aggressor, you’ll be in the position to create an aggressive strategy to win at any given point of time.

Jessica Todd Swift
Jessica Todd Swift is the deputy managing editor of the CEOWORLD magazine. She is a veteran business and tech blogger, journalist, and analyst. Jessica is responsible for overseeing newsroom assignments and publishing and providing support to the editor in chief.
Share via
Copy link