Thursday, August 10, 2023

Recession? Soft landing? Just a mirage? Here’s What You Need to Know

VACEOs recently convened a virtual Square Table with a panel of 3 recession veterans: Sam Dibert, Melissa Ball, and David Ingram. They shared their experiences with previous recessions and downturns, and what they are doing right now to prepare for the next one! Here are some key takeaways from our panel:

• Be proactive in communicating with your banker and accountant. Talk to them regularly before you really need them.
• Know your numbers. Benchmark with peers.
• Invest in your culture. In hard times a strong culture will make you more nimble and resilient.
• There’s opportunity in every situation . . . if you and your team have that mindset.
• Ask for help early. Don’t wait.
• Don’t wait. Move fast. Trust your gut.
• Be bolder.
• Several of the veteran CEOs said that downturns led them to be more open with their employees. Openness and clarity helps them deal with difficult times better.

Finally, Sam Dibert said, “It always makes me wonder how come we don’t think of all this stuff when things are going well!”

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Thank you to Ilsa Loeser for proposing and moderating this Square Table session. A Square Table is an ad-hoc meeting around a topic a member is interested in. We turn to the expertise of the VACEOs community for clarity on the matter over an hour-long Zoom meeting. If you have an idea for a potential Square Table meeting, contact Scot McRoberts.