Outsourced IT Support An Asset During The Recession Period?
January 3, 2023 - 10 min read
January 3, 2023 - 10 min read
In today’s economic headwinds, companies that aggressively prioritize AQ and focus on what is within their control can retain and earn the confidence and trust of their people, customers, investors, and other stakeholders.
Leading companies keep it simple and focus on what they can control, setting strategy by asking five key questions:
So, Let’s Explore This Further In Detail.
A looming recession tends to wreak havoc on the growth plans of companies. Leaders often have to take new precautions to ensure that their companies can survive, and thrive, despite the onset of recessionary conditions.
Did you know that an outsourcing strategy puts you in a better position to handle the demands placed on your business by a recession?
The benefits your business can expect from outsourcing during a recession include many things. Read more on Forbes.
Entrepreneurs typically react to recessions in one of two ways. The natural inclination is to hold off on expansion plans or even scale down current efforts.
But then there are those courageous business owners who grab the reins and keep moving their businesses forward. They know that the time to go big is when others cut back because their efforts will stand out.
It's smart to stay busy while your competitors are quiet, so a recession could be the perfect time to expand your small business.
Read more on the Entrepreneur.
In the event of a looming recession, the key to keeping your business afloat is preparation. Selective outsourcing gives you the ability to create more flexible costs in a changing economy. While there's no way to predict the future, certain clues can forecast an incoming storm.
Learning the warning signs that precede a recession will help you build flexibility into your business to prepare for an uncertain future. Modern outsourcing no longer means sending your work out of the country.
Hundreds of local outsourcing opportunities exist in the world we live in today. Today's technology allows the ability for many tasks that were traditionally taken care of inside company walls to be done virtually anywhere.
This results in lowered costs for the same labor — and these reduced costs can be crucial during economic downturns. Read more on Forbes.
A recession could be in the very near future, and if it happens there’s unfortunately very little that anyone can do to change it.
The only thing we can really do amid worries of an economic downturn is to prepare for it, which means recession-proofing our finances as best we can — the sooner, the better.
“Think of recession-proofing your life like you would hurricane-proof your home,” says Howard Dvorkin, certified finance expert and chairman of Debt.com.
Read more on NBC News.
There’s been no shortage of recession predictions so far this year, with everyone from JP Morgan Chase CEO Jamie Dimon to billionaire investor Carl Icahn warning of the potential for an imminent economic downturn.
After months of surging costs and labor shortages, businesses face a new potential challenge: recession.
To combat inflation, the Federal Reserve is expected to continue raising its benchmark interbank lending rate, which is likely to push up the cost of capital--and push more people and businesses to retrench. If that happens, you can bet consumer demand will falter and potentially spur a recession.
Read more on the Inc. This Morning.