Rising prices are putting businesses at risk in the US, and the economy will likely worsen before it can improve. According to a survey conducted by the CFO Council, over 40% of chief financial officers of companies believe that inflation is their most significant external risk, and 68% expect a recession within the next six months. Setting up a business strategy for a recession is critical to ensure your company can succeed. Here are the leadership styles your should be adopting:

Resilient

A resilient mindset is essential for business owners, as it can help them bounce back from the challenges that may come their way. Although your company will inevitably go through some rough times, having a resilient mentality can help you develop a stronger resolve and make it through difficult times. The ability to pick yourself up and turn the situation around will allow you to create a better future.

Analytical

Having the necessary skills to think clearly and solve problems will also help you plan the next steps in your business. Being in the know about your company’s health can help you create proactive strategies. Having the necessary tools and resources can help you keep track of the changes that are happening in the market.

Before you start planning on the next steps in your business, you must comprehensively understand the various obstacles that could affect your company. A plan can help you avoid going through the motions and losing the business altogether.

Resourceful

Entrepreneurs may need to use their company’s resources to continue running during a recession. Some businesses may have to change their offerings to provide more relevant customer services.

If your employees work from home, you might want to consider downsizing to free up some office space. Another strategy is to shift the focus of your company’s offerings by working with what you already have. This will allow you to remain competitive and attract more potential customers.

Analytical

Having the necessary skills to think clearly and solve problems will also help you plan the next steps in your business. Being in the know about your company’s health can help you create proactive strategies. Having the necessary tools and resources can help you keep track of the changes that are happening in the market.

Before you start planning on the next steps in your business, you must comprehensively understand the various obstacles that could affect your company. A plan can help you avoid going through the motions and losing the business altogether.

Optimistic

A positive outlook on life can help boost your company’s performance and prevent it from going through the motions. It can also help you make necessary changes to improve your business.

Being positive can also help you develop new ideas and create new realities. It can additionally help you become more persistent and confident in your abilities.