The conversation around a looming recession persists across all industries, but what does that really mean for the future of an organization? We have held several conversations around how businesses might get through it, but what happens after the recession has ended? Is the goal only to survive, or are there opportunities for growth and expansion despite a shaky economy?
Lauren Magrisso’s background in social research, design, and business strategy led her to Jump Associates, an innovation and strategy consultancy that helps companies navigate trends and find new opportunities. Jump’s strategy is all about looking forward to the future, defining a big-picture goal for an organization, and designing a strategy around that goal. As we continue to anticipate the recession, Magrisso shares some insights into how companies can use this same strategy to shape a stronger post-recession future.
We tend to talk about recessions as if they might be this long-lasting journey for businesses. It becomes the only future we can see, think about, and strategize for. Lauren reminds us that recessions come and go, so planning only for the other side of one may be short-sighted.
“If we are talking recession, we are talking about a very present-focus timeline,” Magrisso shares. “We need to navigate it, but we need to be thinking about what's next and how do we capitalize on this time to get out ahead and leapfrog our competitors.”
Now is the time to plan for the recession, but it’s also time to think about what comes next. How can you not only plan for survival, but also for a thriving future? Many businesses prioritize cash flow by cutting back on spending, staff, and unnecessary costs. This may have more benefits than one.
“I think in some ways,” Magrisso continues, “if folks can innovate in this environment where you have maybe fewer people or less cash flow, it really can strengthen you for that long term.”
As leaders think about ways to strategize for the recession and beyond, it’s crucial to develop strategies for both pictures: what’s coming now and what’s to come in the future. Laura suggests two key components to these strategies:
“Being efficient and not having a lot of waste in your current model is really important. Secondly, getting very selective about what those future bets are, focusing on the things that are going to change the game or that allow you to get into new markets and prioritize those.”
Magrisso suggests that as you begin to make these strategic bets on the future, opportunity mapping should be at the forefront of your decision-making. “If you're gonna make selective bets on the future and you have more refined cash to go after, it's so important to know the full landscape of what you could build, what is within your core capabilities, and what potentially you new opportunities could get into.”
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