How partnering with the right consulting firms can help you beat the odds
A recession is a shock but not outright bad for all businesses. So, don’t hit the panic button yet. With proper guidance and a game plan, you can take your business to a safer horizon. At Blue Helion we have been helping organisations weather the storm and come out stronger on the other side. With years of hands-on industry experience, we continue to do so by providing businesses with the right strategies and execution support to ride through difficult patches.
By the end of this blog, you’ll learn 3 powerful tips to not only survive a recession but also to thrive and grow during it. Above all, we show you how Blue Helion, as a powerful consulting partner, is helping organisations across the world face recession and come out unscathed.
Read more: Get your Teams Recession Ready Before your Competition Does
Let’s get started…
Recession – is it coming or not?
Much of 2022 was marred by rumors of a future recession, which is currently assumed to be unavoidable in 2023. According to asset management behemoth BlackRock, who recently stated in its 2023 Global Outlook report that recession is “foretold”.
In the EU region, 3 out of 10 CEOs predict a brief, shallow recession with little to no worldwide spillover, while nearly 7 out of 10 CEOs predict a significant global spillover.
Source: The Conference Board; The Business Council
Regardless of when this happens and how much it leaves an impact, we at Blue Helion recommend you three simple yet effective tips that can help you overcome challenges that come during economic uncertainty.
3 Quick Tips to Beat the Economic Turmoil
1. Understand your current cash flow state and plan ahead
Take a deep look at your profit, loss, balance sheet, and cash flow figures. Your cash flow is crucial since it will let you know if you have enough cash to handle various situations. A cash flow prediction can be used to project what might occur over the next year and change the parameters to see how you would do it. Try lowering your sales figures, for instance, to see what would happen if numerous clients left.
2. Create a company emergency fund if possible
You undoubtedly already know the advantages of having an emergency fund in your personal finances, but have you thought about doing the same for your company? Reserve some cash in a different account that you can use as an emergency fund for your company. It will significantly lower your risk and may enable you to avoid going into debt to weather a financial crisis.
3. Seek help
Fortunately, there are resources available today where you can go for assistance to get through difficult times. There are numerous consulting companies that provide organisations with knowledgeable suggestions and assistance. When tough times arise, those who view asking for assistance as a weakness are rarely in a strong position. If you’re serious about making your business survive the crisis, seeking help can help a lot.
How Blue Helion Can Help you Tide through Recession – A Case Study
The customer is a large internet company that operates out of five Southeast Asian nations and is supported by large private equity investors. Blue Helion helped them scale, upskill, and transform critical functions.
Here’s what they achieved in the end:
- Immense business agility
- Greater budgetary and cash flow control when hiring the right talent
- Much improved throughput
- Unspent capital budgets were utilized effectively
- Accelerated go-to-market
And here’s how we did it.
Challenges they faced:
- Rapid size and enormous growth in all business lines pushed the operating model to its breaking point and created difficulties in all key operational areas
- Net hiring was falling behind the plan
- They wanted to set up a base in India but lacked a team of skilled individuals during a pandemic lockdown.
The customer wanted a holistic solution that helped them overcome their existing challenges and prepared them for uncertainties like pandemics and recessions.
Blue Helion Solution
Blue Helion took a phased approach to address the situation, solving immediate high-priority challenges while putting in place strategic long-term measures. During Phase 1, the first three months were devoted to developing a roadmap for human resources. A comprehensive, multi-layered partner network was built to help launch the hiring engine in India. Deeply customized KRAs and SLAs were created, which led to a win-win situation for both the client and partners, resulting in success.
In Phase 2, Blue Helion identified multiple programs which could be outsourced for quicker GTM. Some included creating MVPs for new products and embedding testing in the CI/CD pipeline. Blue Helion also created an ecosystem of 10+ partners in multiple contractual models for different success criteria.
Within a year, the client benefited from almost 50 outsourced staff in various engagements. Blue Helion was accountable for building the entire ecosystem to support its growth journey.
Read More: Transforming Key Functions of a Large Internet Venture
Wrapping it up…
We at Blue Hellion offer insight-based advisory and lend execution support to help clients defend against recession and its associated risks and pave a smooth road ahead. Talk to our industry-leading experts today to be recession-ready.
Get a free 20-minute consultation session with our experts today