With recession looming, having a strong board is now more important than ever.
First, COVID-19. Then, health mandates. Add in choked-up supply chains, the Russia-Ukraine war, rising prices, interest rates, and inflation. Economists are starting to unite around the prediction — a recession is inevitable.
No one has a crystal ball, and the future seems more uncertain than ever, but if we break these problems down (e.g., pandemics, war, and rising food and fuel prices leading to a recession), we realize that many of us have lived through similar challenges before. Either we made it out on the other side alive and thriving, or we made mistakes and learned what not to do. These insights are valuable for getting through this next round of uncertainty.
Alone, a business owner can see issues from a limited amount of angles. Especially as first-time leaders, it can be hard to think outside the box with little experience to reference. But, with a board, its members’ expertise can help in more informed decision-making. Leaders can lean into the diverse range of expertise their board members have — their “been there, done that’s” — to tackle challenges and opportunities better and get their company through even the toughest of times, including the oncoming recession.
Related: Building a Better Board: 5 Things Every New Board Member Should Know
Click the Entrepreneur logo to read the article