UK bosses unprepared to face a recession
AS THE effects of the credit crunch begin to bite, how would your firm survive in recession?
According to virtual business technology firm Pentacle, more than 70% of senior management admit UK bosses have little or no experience of how to deal with a downturn, with over two thirds believing the UK is heading into a recession or serious downturn.
According to many industry analysts, the economy has not been in a worse state since the recession of the early 1990s and the long bull run of recent years has sheltered those who have made poor business decisions.
Alastair Thomson, head of Teesside Business School and chair of the Tees Valley Institute of Directors, believes many people have either forgotten how to operate when the economy takes a turn for the worse or have never experienced such conditions.
He said: “People who have been in senior management for less than 10-15 years have operated in a period of solid economic growth. Their reflexes would need to be sharper during a downturn. Having said that, if you have a good product or service at an affordable price, you can be profitable in any trading climate.”
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