Preparing for an Economic Downturn | The Best Offense is a Great Defense
"According to a recent survey conducted by Duke University’s Fuqua School of Business, more than half of all finance chiefs expect the U.S. to be in a recession by the end of 2020...CFO's are pursuing cost-reduction efforts, paying down debt, extending maturity schedules of their debt and locking in low interest rates to prepare for a potential downturn."-- Wall Street Journal.
The natural economic cycle is comprised of a period of prosperity followed by a period of contraction.
Businesses have preemptive options to mitigate risk and position themselves to capitalize on a downturn.
By anticipating, planning and innovating for economic challenges, companies can do more than weather the downturn; they can leapfrog their competition and emerge stronger on the other side.
A health check helps to answer these questions;
Where are blind spots?
How resilient is your company?
Do you have the right tools and early warning system?
Do you have the right intelligence and data?
Are you more prepared than your competitors?
What assets are available to take advantage of?
Is your team ready from a talent and culture perspective?
Is there something else you need to do / what is distracting your business?
Chris is the National Managing Principal of Grant Thornton’s Financial Management practice. Recognized for demonstrating a natural aptitude for leading integrations, acquisitions and technological implementations, Chris has a history of contributing to company growth and expansion throughout his career. Professional focal points include: sales, operations, finance, shared service design, system design and integration, business process outsourcing, negotiation, cross-functional team leadership, complex problem-solving, client relationship management, and project management.
John is the Chairman of SalesPhysics. He is recognized for his leadership and ability to successfully turnaround troubled banks including the Charlotte based NewDominion Bank. Under his leadership he returned the bank to good standing with regulators and raised fresh capital. He transformed the institution from a niche lender to a traditional community bank with a small-business lending division, a mortgage arm and a new mobile banking platform.
Chris William is a Managing Director in the Private Client Group, Wells Fargo Advisors and Moderator/Executive Producer for the long-running and regionally syndicated PBS television program CAROLINA BUSINESS REVIEW. As a finance professional as well as broadcast moderator, he has been uniquely qualified to observe and comment on business and industry for 3 decades. Other meaningful involvement is Chris’ leadership as the host and co-founder of The Forum for Corporate Conscience.
Fred Jackson is a Director at Culp Inc., where he also serves as a member of their Audit, Compensation and Corporate Governance and Nominating Committees. Earlier in his career he served as CEO and then Non-executive Chairman for the Advisory Board of American & Efird LLC, a global manufacturer of sewing, thread, embroidery thread, and technical textiles.