Turning an economic downturn into a financial upturn for your business.

Whether it’s a slow down in consumption due to inflation, asset bubbles about to burst in the housing and stock markets, a supply chain run amok, pandemic government relief running out or just a “long in the tooth” expansion; there are loads of discussions taking place on how our robust economy could be nearing a downturn.

How can you determine what this might mean for your business? Here are some thoughts I developed with a colleague recently. We applied the concepts to our businesses to help us prepare for a changing economy.

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Multi-factor authentication (MFA) has come of age at just the right time. Statistics show that password compromises are by far the most likely reason companies experience data breaches. The most recent Verizon Data Breach Investigation Report indicated that 81% of hacking-related breaches leveraged either stolen, default, or weak passwords. The time has come to “up the ante” and strengthen the way we prove identities beyond the plain old simple password.

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I discovered early in my career that there are different ways to look at a business challenge. How you look at those challenges determines: a) the degree of success that can be achieved in overcoming them, b) the speed at which they can be overcome, and c) the degree of pain associated with overcoming the challenge.

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Many of our human physical discomforts are associated with the suffix “-itis”. There’s tonsillitis, arthritis, bursitis, dermatitis, hepatitis and more. If our “itis” discomforts persist, we typically seek expert advice and treatment.

The suffix “itis” simply means something is irritated or inflamed. With minor bodily discomforts, one may choose to “just live with it.” But in business, as in health, the implications of these symptoms may not be something to go undiagnosed and untreated.

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