Sep 7, 2022 | 5 min read

7 Steps of positioning your business for upside during a slow down

7 Steps of positioning your business for upside during a slow down

When a recession hits, many companies face the prospect of declining revenues and profits. But some businesses perform well even when economic times are tough. These recession-proof businesses typically provide essential services, such as healthcare, or sell vital goods, like food. People need to buy these goods and services in good times and in bad. Recession-proof industries may not grow fast when the economy is booming, but they tend to outperform others when recessions occur.

It’s a futile guessing game to try to predict where the market will go next, but we’re helping CFOs to prepare for any number of “what ifs” by doing things like developing tiered forecasts and tracking metrics that reflect reality now.

Will there or won’t there be one? When it comes to a downturn, our crystal ball is broken. But we do know that smart CFOs are hedging via moves like:

  1. Baking customer and supplier health into cash flow calculations
  2. Developing tiered forecasts with corresponding cuts
  3. Tracking the metrics that reflect reality now

Drive Business Strategy and Growth With NetSuite Financial Management

All recessions are temporary and are followed by extended periods of economic expansion. So it's important not only to optimize business efficiency during a downturn but also to ensure the company is positioned for growth when conditions improve. NetSuite's cloud-based financial management solutions provide real-time visibility into financial performance, so you can monitor key trends and quickly take action when necessary. You can also increase operating efficiency by automating and streamlining time-consuming manual accounting and finance processes. Because NetSuite financial management is part of a broad suite of business applications, you can add modules as your business grows — including inventory, customer relationship management (CRM) and ecommerce — and run the entire business on a single solution.

In this business guide, you get a working plan to make your business more resilient and ready for whatever comes next.

Choosing the Right ERP Vendor

Growing businesses are increasingly turning to ERPs based in the cloud, such as NetSuite ERP, which automates and integrates many core processes without the upfront costs required when deployed on-premises. From a single NetSuite ERP application, businesses can manage accounting, inventory, orders, manufacturing, supply chain, and warehouse operations with companywide visibility of operations and data. NetSuite ERP also integrates with other NetSuite business applications, such as ecommerce and CRM.

Choosing the Right ERP solution provider

Vantis is your right solution partner! With our expertise and industry best practice experience, we helps customers define their key problems and solve difficult technical challenges. From planning, operation processes and workflows, system integration, implementation, support and training. We will help you make the right decision for your company.

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