How can you help your company thrive during a recession?

As inflation persists in the U.S., many expect the economy to get worse before it gets better. A recent CNBC CFO Council survey shows 40% of CFOs from various companies said inflation is the main external risk to their companies, and 68% believe a recession will occur within the first six months of 2023.

When facing the threat of a possible recession, uschamber.com recommends business owners consider adopting the following personality traits to set their companies up for success.

1. Resilience. Having a resilient mentality helps you understand you can bounce back from troubles and reminds you that obstacles, setbacks and failures are great learning tools. Turning a tough situation into a growing experience for you and your employees will help you create successful future outcomes.
2. Flexibility. Flexible business owners are willing to compromise when facing difficulties. They listen to employees’ concerns, needs and ideas and act accordingly. For example, offering flexible schedules can boost your team’s morale and motivation without taking a financial toll.
3. Analytical skills. The ability to solve problems and think clearly will be valuable when planning your company’s next steps. Frequently assessing the health of your business and acting on your findings helps you create proactive strategies ahead of potential obstacles.
4. Adaptiveness. Adapting often means letting go of what you thought your business would or should be and allowing it to flourish in the current situation. An adaptive business owner can switch gears within his or her company and find ways to create a stable revenue stream despite economic challenges.
5. Resourcefulness. A recession may require business owners to use their available resources to continue running their business. For example, a company may need to change what it provides to consumers regarding applicable products and services.
6. Optimism. Your business will run smoother and be less stressful when you are positive about your daily outcomes. Optimism can help promote necessary change and allows your mind to be open to new possibilities and create new realities.