As of this writing, U.S. economic indicators are mixed. Some show favorable trends, while others show troubling signs of a potential oncoming recession.
Americans are struggling to make ends meet and communities across the country are in a housing crisis. However, it’s important for businesses to be prepared and maybe even take some lessons from the last recession just over a decade ago.
Between 2008 and 2009 nearly 10 million Americans lost their jobs. Large corporations cut staff to save money and soften the blow of significant losses from a struggling economy. Many of us remember those years when loved ones were left grasping at any opportunity for a paycheck – switching careers, downsizing dreams, selling off assets, and, in extreme cases, losing their homes.
Among those millions of layoffs were incredibly talented and creative people. Out of those hard times came an incredible wave of entrepreneurs. These people were often middle management at large corporations (like the big banks that laid off large numbers of employees in Charlotte, NC). When working at these banks, they enjoyed the security of a consistent schedule, a consistent paycheck, and benefits to boot. However, the constant dream that something bigger is out there for them was brought to the forefront when all that security was ripped away at no fault of their own.
This is where the big opportunity comes in – businesses and workers should be preparing for the possibility that their time to hold off on their dream is over. If mass layoffs do come, there will be a huge talent pool to work with and pick from. This means businesses looking to reshape their future and set a new path forward should keep an eye out for talent that wasn’t appreciated elsewhere. That also means workers who were thinking of putting their dream into action may want to prepare in case they’re forced into action soon.
We want to caution that while we don’t fully know what’s to come, predictions of a recession do set off the necessary alarm bells. At CLARK.LAW, we’re pulling for each and every American to make it through the current challenges and any times to come. Our hope is that this article can help you and your business prepare for what’s to come and take advantage of any opportunities that present themselves. When you need help navigating the future of business law, contact our team.
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