The signs of a softening economy are hard to overlook. A slowing job market, high-interest rates, and fickle lending have consumers pulling back on discretionary spending and businesses scrambling to bolster their infrastructure with more efficient operations, often with a smaller labor force.
This cooling economy is a time to explore and initiate many new things, but panicking isn’t one of them.
“The current climate should not discourage leaders from resetting business objectives,” says Ryan Northington, CEO at Simplus. While most companies are hesitant to make decisive moves during a cooling economy, in his latest Forbes article, Northington points out that the most resilient companies are using this time to focus on operational disciplines that impact their go-to-market and back-office operations.
Northington believes there are at least three ways businesses can thrive in an uncertain economic climate. Backed by firsthand experience with Simplus operations and inspired by Infosys (Simplus’ parent company) strategies, Ryan and the Simplus executive team turn to mindful hiring, collaborative initiatives to encourage customer engagement, and an uncompromising commitment to employees to strengthen infrastructure during economic challenges.
Here are some highlights from Ryan Nothington’s Forbes article.
1. Responsible hiring starts with a good forecast.
The hiring process at Simplus compares committed revenue and high-probability opportunities with a revenue burn rate from the start date to six months out. This provides an accurate view of the balance between the workforce and projected revenue.
2. “Be scrappy”—but don’t stray too far from your core offerings.
Ask yourself: What things can you take to market that are easy to consume budget-wise and provide immediate value? The answers are critical to delivering vital customer engagement.
For instance, the Simplus teams focus on digital transformation programs, change management, advisory, delivery, support services, etc.
3. Continue to invest in your employees.
In times of prosperity or amid a cooling economy, our employees are not expendable. Leaders must be uncompromising in their commitment to employee experience investments. This is a worthwhile investment despite a sluggish market.
To read the full Forbes article, click here.
To learn more about ways your business can skillfully navigate a cooling economy, check out our latest offerings here.