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54 PCB007 MAGAZINE I DECEMBER 2023 Keeping your business strong during hard economic times requires careful planning and strategic actions. Here are five tips to help you navigate challenging economic conditions. One Employee retention: e only thing worse than navigating an economic downturn is los- ing employees, particularly those in key posi- tions, because they are unsure of the com- pany's future. Keep lines of communication open and regularly check in with employees to understand their concerns and address issues promptly. Five Tips to Keep Your Business Strong in an Economic Downturn Engaging and motivating your workforce as dedicated employees can be a significant asset during challenging times. Transparent communication, employee recognition, and support can foster loyalty and productivity. Involve employees in the decision-making pro- cess when feasible. eir insights and sugges- tions can provide valuable ideas for cost-saving measures and process improvements. Imple- ment workforce flexibility by allowing remote work, cross-training employees, and leverag- ing part-time or contract workers. is can help you adapt to fluctuating demand without permanent layoffs. The Right Approach Feature Column by Steve Williams, THE RIGHT APPROACH CONSULTING