Luckily, many CFOs, finance and accounting professionals are young enough to have never even been alive for a true Australian recession. But that could actually be a double-edged sword: while it’s great that conditions are rife for success and growth, it might be easy to think you’re recession-proof when really you’re not.
Recession, of course, is nothing short of devastating. We’re talking unemployment, skyrocketing interest rates, businesses failing left right and centre and individuals filing for bankruptcy. Those who have lived through a recession have some lessons that can be passed on, and here at Sensus Solutions, we’ve summed up four of the main ones:
1. Be adaptable
What does being adaptable mean? It means that when circumstances change, you’re ready to immediately jump on that wave and change as well. The best way to do this kind of forecasting is by remaining highly focused and sensitive to customer satisfaction – because quite often, it precedes any actual changes in the raw data. But never forgo those numbers either, because the latest decision-making platforms like BOARD are highly adept when it comes to putting a finger on the pulse.
2. Be pro-active
While being adaptable is the preparedness to change, being proactive involves being on your toes for any opportunities that might come along. So rather than simply being ready to adapt when challenges come along, the pro-active professional is actively looking for hurdles and opportunities. Again, this is done by carefully monitoring changes in demand.
3. Be connected
An extension of being pro-active, being connected to those around them, including a wide-ranging network that stretches well beyond the boundaries of the organisation, is a key trait of the recession-proof professional. We’re talking about suppliers, business advisors, peers, partners and – of course – customers. Social media is a golden tool for staying connected.
4. Be critical
This piece of advice seems obvious, but many professionals have their tried and true methods that may be working, but are there methods that can be easily switched to that will be more productive or profitable, or less risky? Open-mindedness is a key to business intelligence, so do your research, keep your eyes open, seek advice and listen – because you don’t know everything.