As concerns of an economic downturn continue to loom, businesses of all sizes in the manufacturing sector are bracing for challenges. However, despite these difficulties, it’s still possible for organizations to avoid problems from external factors by enacting a strategic plan. These economic cycles happen every seven to ten years, and can be spurred on by many factors such as a pandemic, supply chain disruptions, inflation, or decreases in consumer spending. It’s important to focus on formulating and executing a plan that will allow your business to grow and thrive regardless. This is an ideal time to beef up your defense mechanisms and increase your foothold in the marketplace and capture a larger share of market opportunities.
