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Contingency Planning for a Recession–or a Recovery

September 8, 2008

By Bill Conerly, Businomics, Conerly Consulting,
I spoke a couple of months ago about the economic contingency planning process.  You can listen here.

Key steps:

1. Evaluate your company’s own vulnerability to changes in the economy.
2. Develop an early warning system specific to your business.
3. Sketch out a contingency plan for economic changes.
4. Manage the business to gain or preserve the flexibility to implement the plan.

Full Audio of Presentation here

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Bill Conerly is principal of Conerly Consulting LLC, chief economist of abcInvesting.com, and was previously Senior Vice President at First Interstate Bank. Bill Conerly writes up-to-date comments on the economy on his blog called “Businomics” and produces a monthly audio magazine available on CD. Conerly is author of “Businomics™: From the Headlines to Your Bottom Line: How to Profit in Any Economic Cycle”, which connects the dots between the economic news and business decisions.

  
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Publius September 8, 2008

3. Sketch out a contingency plan for economic changes.

That seems like it would take some serious future projections?

Jerry J. September 8, 2008

I think you are missing the point. You need to plan for various economic downturns,s o when they happen you are prepared. Too many people only plan for success and make no consideration for negative results. If you do not plan out in advance then you do not have a plan at all.

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