Want to apply TimeForge’s sales forecasting to recession-proof your business? Peter Navarro published an article titled Recession-Proofing Your Organization in this Spring’s MIT Sloan Management Review. Navarro outlines a strategy to anticipate the downturns in the business cycle and steps to take competitive advantage of downturns.
What is recession-proofing in business?
In business, recession-proofing means to change your business model so that you are not as severely affected by recessions. For example, some companies might increase their product variety during recessions to take advantage of people who prefer to buy more than one product. But that’s not the only way you can recession-proof your company.
Among Navarro’s suggestions, trim the workforce and inventories to cut costs when leading into a recession. As the economy expands in good economic times, cherry-pick new hires before your competitors and boost inventory. There is no need to to be an economist to become your own business-cycle forecast; Navarro provides a simple forecasting formula and points you to Moody’s Economy.com website for data.
Moody’s won’t forecast your business’s sales or inventory, but TimeForge’s forecasting system provide additional insight into your business. Manager’s can track actual sales and theoretical projections made by staff members, and projections can be forecast with TimeForge to predict staffing levels, upcoming schedule needs, and are useful for tracking inventory turnover.
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