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Four Steps to Prepare for a Recession

Nobody likes to think about a recession, let alone prepare for one. For the most part, people are optimistic and hope for the best. But the old adage, “Hope for the best, prepare for the worst,” certainly makes sense when running an IT organization. Of course, nobody has a crystal ball that can foresee whether a recession is on the horizon. But, just in case one is looming, here are four steps you can take. 

1. Prioritize What Matters Most

Whenever there is a downturn, IT organizations find themselves limited. Difficult market conditions impose external constraints that make it hard to consider lofty objectives. However, the organization still needs to run, so the best thing an IT organization can do is prioritize their programs to ensure that the most critical items have the best chance of avoiding impact. Ultimately, it comes down to what is important for your organization. It could be a cloud transformation project or internal application that is critical for the organization to generate revenue. Or, you could be in an industry where security is paramount and ensuring that those resources are still available may be critical.

Through prioritization, IT organizations discover which programs make sense to combine to increase efficiency. On the flip side of that coin, prioritization delivers clarity to items that can be eliminated altogether. When thinking about how to prioritize, understanding how particular programs and technology affect the organization can help create an actionable, stack-ranked list.

2. Increase Flexibility 

Every organization looks to increase flexibility when facing a recession. By knowing how to adjust quickly, IT organizations can provide themselves the footing needed to weather the storm. When it comes to tools and technology purchases, here are some key aspects to consider when looking to increase your organizational flexibility. 

  • Shorter-Term Contracts: These drive flexibility because organizations avoid getting stuck with financial obligations, should circumstances not improve. This could mean considering monthly billing instead of large, up-front annual payments. 
  • Consultants and Contractors: Consultants, contractors, and vendors can give organizations the flexibility they need — it just comes down to creating and (Read more…)

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