Building resilience with cloud-based resource management could be key to surviving a recession

Recessions impact organizations in all industries – construction, healthcare, nonprofits, retail, and more. Many leaders are poised to thrive, not just survive, when circumstances are beyond their control. According to the latest survey of CEOs from Marcum LLP and Hofstra University’s Frank G. Zarb School of Business, nine in 10 middle-market CEOs are worried about the likelihood of a recession, and more than a quarter say they have started laying off employees or plan to do so in the next 12 months. Fifty-four percent of respondents said they were “very worried” and 39% were “somewhat worried” that the economy would experience a recession in the coming year. While about half of all CEOs surveyed take a wait-and-see approach to staffing, others employ a combination of strategies to meet their needs.

Other leaders are not so confident. One of the reasons could be that they don’t have accurate financial reports on ongoing projects or programs, or they don’t have the ability to forecast and plan for growth with confidence because they don’t have not technology adapted to their organization.

With the recession looming, now is the time to take action to ensure your organization is positioned not only to survive, but to thrive. Strategic initiatives and growth objectives for each organization can be established, accomplished, and facilitated during a recession with a cloud-based “enterprise resource planning” (ERP) solution in place.

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