10 Steps to Weather a Recession

There is still a hung jury about whether the U.S. economy is finally rebounding. Hopes had been high that lower crude oil prices, a stronger dollar and some stock market gains in July might signal the start of a turnaround. But many economists are saying not so fast given that real estate-related woes have not apparently sorted themselves out yet.

With the threat of a possible recession still out there, executives would do well to stay prepared. Here are 10 steps that Forum Corporation, a Boston consulting firm, recommends to keep your firm above water:

1. Keep your chin up with a positive attitude
2. Be honest with workers about the bad climate
3. Avoid leadership by diktat
4. Encourage critical thinking by employees
5. Make sure efforts are unified
6. Keep your high-impact workers happy to prevent them being poached by competitors
7. Keep an eye out for good financial opportunities
8. Avoid layoffs by temporary bonus and salary freezes
9. Try not to make across-the-board cuts
10. Cut costs quickly

(Image by AngelRays via Flickr, CC 2.0)