According to Fitch Ratings' Global Economic Outlook report for 2024, a steep level 2.1% decrease. growth is expected in the world this year. CEOs and other leaders must find solid footing atop shaky ground. Bold leadership and strong foundations to support scaling are a must in these times.

As best-selling author Marshall Goldsmith says, “What got you here won't get you there.” The challenges of the current landscape require new approaches and solutions to protect your company and even grow the pillar in 2024. I've advised strategies for CEOs of public companies, family offices and everything in between. My finger is on the pulse of what senior leaders do to remain effective in uncertain times.

Keep a steady growth, recession resistant company following the seven strategies I have detailed below:

1. Budget for the worst case scenario

Global growth downward means that possible ceilings will be lowered and basements will be sloped. Weighing these realities is essential when you're budgeting and spending. Increase your optionality and runway by keeping your business flush with cash. Dave Ramsey says to set aside at least six to twelve months of emergency savings – do it for your business.

This approach provides wiggle room during slow seasons, providing the freedom to work toward solutions, innovate or pivot as needed, and ensure your company remains intact and healthy. For example, one CEO explained that revenue slowed this year and they were faced with the possibility of letting go of three of their best staff. But with a one-year savings fund set aside, for example, you can have the runway to keep your best staff and weather the slowdown.

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2. Build your expertise and differentiate your high-value offerings

Has quality lead flow eluded your business? Do you often lower prices to attract customers? If so, consider the following points. These days, in a world in flux, your target market consists of B2B and B2C customers looking for trusted industry leaders and problem solvers. Brand equity it is, therefore, vital. Fill your business with it through the following methods:

• Position your brand as one authority and influence in your sector.
• Invest in improved positioning to improve and leverage market perception of your brand. Connect with other reputable and well-positioned companies that can help strengthen your position.
• Provide customer testimonials and collect positive reviews. Put them front and center in prime real estate across your website and social media profiles.

Do everything possible to establish your expertise and differentiate your high-value offerings. An influx of customers will follow.

3. Cultivate thriving relationships

Build foundational pillars by cultivating relationships and opening up about yourself and your business COOPERATION, referrals for mentoring and resource sharing. Doing so creates goodwill and healthy alliances, providing a layer of security for your company.

Professional and personal partnerships come in two forms:

1. Partners who share your values.
2. Partners with complementary skill sets.

Making these connections can mean stepping into new spaces, stepping out of your comfort zone, or even building communities from the beginning. The value provided is an unmistakable catalyst in these cases.

Analyze what you can do to solve a problem for a desirable partner candidate. Implement your solution and make an offer. Present this individual with a game-changing partnership opportunity or an exciting idea. For example, if I notice that a high-level CEO has written a book and speaks widely, but might want to speak on the TEDx stage, I can introduce myself and pitch the opportunity from the start, providing value by doing research beforehand .

Once you have established a relationship, always keep this partner when needed. Be intentional about communicating the parameters you expect in a mutual partnership so everyone is on the same page.

4. Keep your reputation intact

An ordeal the reputation is a foot above almost any competitor in your industry. Don't let one misstep or clumsy shortcut ruin everything you've worked for. Thanks to social media, when brands mess up, they're more visible than ever. contraction of the lower lines at a time when companies cannot afford to take the hit. Ahead of potential snafus. Rigorously vet your sources, vendors, and customers, establishing processes and sequences to ensure you work with colleagues, partners, and peers of high integrity.

Additionally, be conscious and intentional about your image on social media. Examine each post and ask whether it will help or hinder your reputation. If they don't pass the gut check, trust your intuition and move on.

5. Connect with top talent

You and your company can only afford to connect and work with the highest performing staff, talent and partners. Many people over-promise and under-deliver. They will save you resources while you lose precious time. Set the parameters before entering business partnerships to ensure a match of values ​​and optimal use of time. This prevents you from damaging your reputation because you tried to squeeze juice out of a rotten turnip.

For example, I take extra time on a call to ask specific questions about project parameters and what a successful outcome looks like for everyone. At the end of the call, I ask what the deadline is to receive informational materials and schedule a call to discuss next steps. If they cancel the next call or miss their deadline for small items, I make a mental note and give it less priority in the future. Protect your sphere of influence – people need to prove themselves before they get in their way.

6. Stay calm, cool and collected

Soft skills like emotional intelligence (EQ) and empathy grow in importance as AI and automation run rampant in workplaces. However, emotions cannot be allowed to get in the way of your professional survival. For example, external factors have nothing to do with emotions. Therefore, your reaction to them cannot be emotional. Volatile geopolitics and unforgiving economic factors can derail your progress, but they don't have to destroy you. It is up to you to evaluate, analyze, focus and improve your skills accordingly.

Fulfill promises. Stay resilient. Prove yourself an unbreakable anchor. People flock to leaders in uncertain times, and if you can prove yourself as one, you'll establish a foothold in your ecosystem when things stabilize.

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7. Develop your skills

Artificial intelligence has sent technological advances on a fast-moving path, changing the landscape of many industries as the global economy threatens to retreat.

Stay ahead of the curve by improving skills and getting familiar with today's and tomorrow's tools by following these paths:

• Earn new certifications in complementary business verticals.
• Gain working knowledge of AI or coding.
• Learn the nuances of structuring and negotiating deals.
• Invest in state-of-the-art technique training for your team.

With these seven strategies, you are positioned for sustained success in 2024 and beyond.