Last week, as it raised interest rates to 1.75%, the Bank of England warned that the UK will fall into recession later this year.
It expects the economy to start shrinking in the last three months of 2022 and to continue to shrink until the end of 2023.
Business leaders need to consider what this means for their company and start preparing for the downturn now.
While there are many ways companies can prepare for recession, here are five to get started with.
1. Make a plan, but prepare to pivot if necessary
2. Secure access to cash, but not at any cost
3. Be prepared to scale up (with adequate working capital in place), and down, quickly
4. Don’t let slow debtors delay your cash flow
5. Optimise your inventory
At Generator, our specialists have the skillset needed to help companies prepare for, survive, and even thrive during a recession.
We take a holistic and hands-on approach to optimise every area of the business.
Book a no-obligation call with a member of our team.
About GoTo Generator
Generator are senior specialists collaborating in teams on projects to deliver value-based outcomes.
Our promise to our clients:
- We deliver outcomes faster and more efficiently than individual providers
- We operate an expertise-based model which means the senior specialists who take on the project PLAN, EXECUTE and DELIVER the project
- We share our experience and expertise using our hands-on approach
- We deliver faster results often achieving multiples of ROI on EBITDA/Cash
- We work with companies who have a strong desire and ambition to grow, accepting that change is part of that process.