Although recessions are considered a normal part of a capitalist economy, there is no agreement of economists on its causes. When there is a recession, companies and managers react in different ways. Some ignore it for as long as possible, hoping that it is a temporary phase that will go soon
Managers that adopt a "business as usual" approach are the worst sufferers in case the economic downturn continues for any length of time.
While a well-managed business enterprises, on the other hand, take a proactive approach when they see the first signs of an economic downturn.
But unfortunately, economic downturns are a fact of life when you’re running a business that manager must cope with.
There are intelligent approach a smart managers can take to prepare his business to weather a storm and emerge even stronger after the period of economic reproach
Slashing operational costs, when market conditions are good, companies do not focus on cost reduction. But in the face of declining sales and the resultant idle capacity, businesses are forced to examine each expense in detail
Therefore, outsourcing of various activities and be flexible with it, can give immense financial benefits during the time of economic recession..Continue..
https://www.enterprations.com/index.php/2018/09/11/business-intelligence-in-1-minute-how-managers-strengthen-their-businesses-in-an-economic-downturn/