Why there are also opportunities in a recession...

Reading or watching news is really no fun right now. Even in discussions, the mood is rather November grey, especially when it comes to economic issues and Germany as a location. It's only October and the leaves are changing color. So let's go for a walk and take a relaxed or optimistic look at the future.

Let's look at ourselves first. When do we change, when do we change course? In sunny times when life runs smoothly, we have a tailwind and only surf the best waves? Or rather in stormy times, when we feel that we need to change something in order to move forward? Most of you probably say: When the wind blows in our faces.

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Room for something new

I don't want to whitewash the risks of recession. But I would also like the opportunities to be seized. I am very close to the national economist Alois Schumpeter, who saw the recession as an economic phase in which the old is destroyed in order to make room for the new. And anyone who has ever dealt more intensively with artificial intelligence, digitization and robotics has an idea of the profound changes we are about to face.

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analysis

So it's time for an honest inventory, and every company and every company should do this for themselves first:

• Where are we today, where will we be in six months or in a year? What is the order situation? Where are critical points? Are we affected by the recession at all and, if so, to what extent?
• What does our business model look like? Is it still sustainable — detached from the economic downturn — given new technological opportunities, or do we have to adapt it?
• What do our structures look like? Is there anything superfluous that we can do without, for example through new, optimised processes?
• Which of our business areas are generating good results, and which should we review?
• Where is there untapped potential that we can use creativity or more research and development Could push ahead?
• In which business areas are investments worthwhile despite rising interest rates and, if so, where?
• For which tasks do we need more know-how? Do we need specially trained personnel from outside for this or can we show existing employees new career opportunities?
• What is the state of our competitive environment at home and abroad? What do others do better than us, what can we learn from them and transfer it to ourselves?

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Resilience

What can help companies in times of crisis? In my opinion, the willingness to innovate, flexibility, Resilience and a financial cushion to buffer fluctuations. Dealing constructively with mistakes — at all levels — is also helpful. Because that gives you the courage to try out new things and even take risks once in a while. So be happy if your company or company relies on constructive feedback and doesn't search for “culprits.”

Are you currently dealing with these questions and would like a critical view from outside? Then feel free to talk to me.