Five Tips For Prepping Your Innovation Roadmap In A Recession

As we look ahead to 2023, talks of global recessions are dominating boardroom discussions. Of course, managing a business during a recession is not easy. But not knowing when the recession will end is especially challenging. Before launching my company, an innovation consultancy that helps companies build solutions to grow value and capture new demand, I spent the formative part of my career as head of design for a global technology consulting firm where I helped founders, corporations and private equity firms regain their positioning after the Great Recession. These companies did everything we’re all taught to do when the economy slows: They focused on essential operations, cut budgets, reduced staff and put on pause any innovation. But, as economic conditions improved, anyone following this playbook suddenly had to work twice as hard to get back on track. The technology startup boom of the 2010s resulted in a flood of new entrants nipping at their heels.

Medigy Insights

During a recession, companies should focus on essential operations and cutting costs while also continuing to innovate. They should prioritize the customer experience, experiment with pricing models, and find new ways to generate revenue in order to stay competitive. It is important for companies to stay agile and adaptable in order to successfully navigate a recession.