How to protect business from recession?

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8 tips that help. And no, you don't have to have all the answers

“As a leader you don’t have to have all the answers, it’s more important to ask good questions. This applies not only to troubled times and economic downturns. The rule always works because insightful questions provoke interesting conversations, and they push the team forward. “The insightful opinion is from Michael Hyatt, founder of the leadership company Michael Hyatt & Company, entrepreneur, initiator of transformative events and author of books on applied psychology mostly in the field of business.

Here are his tips on how to think of obstacles as opportunities and how to use our experiences to improve the future.

Securing the business perimeter

Hyatt’s advice for protecting a business from a recession can prevent serious trials for the company, so keep them in mind – we live in interesting but difficult times and more foresight will not hurt:

– Rethink your team;

– Let development be the main priority;

– Create and follow an action plan;

– Invest in financial planning;

– Invest in adaptive technologies;

– Monitor your marketing;

– Always be online and in continuous contact with the rest of the team;

– Make a list of business expansion ideas and maintain it by updating it periodically.

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Photo: Unsplash

Not everything is business

A productive business is one where we do things in a way that time works for us. Free time is not an empty hope, and smart leaders know well that when they have it, they achieve the kind of focus that escapes if they are constantly bogged down in details. The details are important, but they get in the way of the big picture, and in that sense, not everything is business.

Sift through tasks and commitments, use every possible moment to observe, explore and explore what is your priority. Draw a line between what is important and what is not, if you have to – redefine your goals so that you can focus better, and also rest better, because productive work is directly related to good rest.

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Photo: Unsplash


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