As economic indicators signal the possibility of an upcoming recession, business leaders are once again faced with the challenge of navigating uncertain times (so soon??). While no two downturns are the same, the looming economic shift demands proactive strategies to safeguard businesses and uncover new opportunities. For guidance (and if we’re being honest a little reassurance) through this potential turbulence, we looked to the experts for their best advice on weathering the storm, capitalizing on opportunities, and emerging stronger on the other side.

Prepare for the Downturn

According to an article in the Delaware Business Times, Economic Forecaster and CEO of Sage Policy Group Anirban Basu says several warning signals indicate that the economy is headed for a downturn. While the U.S. experienced a 3.3% growth rate last year and added thousands of jobs, Basu warns that a recession is on the horizon, just delayed by a year. Key economic indicators — including high interest rates, declining mortgage applications, record housing supply, and rising debt delinquency rates — are flashing red.

Consumer spending, which has fueled job growth and economic stability, is another critical factor in this prediction. Despite rising inflation and housing costs, spending has remained surprisingly strong, buoyed by savings accumulated during the pandemic. However, Basu believes this level of consumer activity is unsustainable, and the combination of tightening credit conditions and increasing debt could push the economy into a recession sooner rather than later. As interest rates continue to rise and the housing market slows, it seems only a matter of time before the economic bubble bursts.

Put Strategies in Place Before the Fall

Fortune’s Senior Editor-at-Large Geoff Colvin, is a source of truth on all things economics and global business. He’s written three best-selling books, including The Upside of the Downturn: Management Strategies for Difficult Times, in which he also paints a picture of a grim economic landscape, while offering a positive way to move through it. 

He believes that in the wake of a financial crisis and the resulting recession, the business landscape will fundamentally shift. The traditional patterns and economic indicators that once guided companies no longer apply. Consumers will be saving more, the U.S. will no longer solely drive global growth, and longstanding industry giants will falter. 

However, Colvin sees that there remains a significant opportunity for those willing to adapt to this turbulent environment. Challenging times have historically been moments when fortunes are made, and those who recognize the potential of this new landscape are thriving. Successful companies are breaking free from conventional recession strategies, recognizing that rigidly following old rules will lead to failure. 

He lays out some key strategies for muscling through a recession and coming out on top. 

Reset priorities to adapt to the current environment.

Reassess talent to keep top performers and poach from competitors.

Focus on core strengths to maintain and grow competitive advantages. 

Resist the urge to slash prices, understanding that long-term value is more important than short-term gains. 

Look to the Future Now

According to tech-focused Futurist Nikki Greenberg, building resilience against an impending recession involves adapting to and integrating advanced technologies while maintaining a human-centered approach. Greenberg emphasizes that as technology continues to reshape the business landscape, leaders should focus on leveraging innovations like AI, robotics, and data analytics to enhance operational efficiency and customer engagement. 

By embracing these technologies, companies can streamline processes, improve decision-making, and better meet evolving customer expectations. This proactive approach not only prepares businesses to weather economic downturns but also positions them to capitalize on new opportunities as they arise.

Greenberg believes companies should…

Invest in digital transformation while using technology to enhance — not replace — human interactions and community connections.

Foster a culture of adaptability within organizations that allows for quick pivots and encourages continuous learning and strategic foresight. 

By adopting these strategies, Greenberg believes that businesses can build robust, future-ready organizations that are equipped to not only survive but thrive amidst economic uncertainties.

As we stand on the brink of a potential recession, the need for strategic foresight and adaptability has never been more critical. Economic indicators suggest that while growth has been steady, a downturn is imminent, making it necessary for businesses to prepare. Anirban Basu’s warnings highlight the urgency of addressing economic vulnerabilities, such as high interest rates and unsustainable consumer spending, which could signal a downturn sooner than anticipated.

Amidst these challenges, Geoff Colvin’s insights offer a beacon of hope. By abandoning outdated strategies and focusing on core strengths, companies can navigate the turbulence of a recession and potentially emerge stronger. His recommendations for resetting priorities, reassessing talent, and resisting the urge to cut prices are vital for sustaining long-term value.

Looking to the future, Nikki Greenberg underscores the importance of integrating technology with a human touch. Embracing digital transformation while enhancing human interactions and fostering adaptability will be crucial for building resilient organizations. As businesses prepare for the economic shifts ahead, leveraging technological advancements and cultivating a culture of innovation will be key to not just surviving but thriving in the face of uncertainty. By implementing these expert strategies, companies can position themselves for success, turning potential challenges into opportunities for growth and resilience.

If the impending recession has you and your team worried, bring one of our economists or futurists to your next event to help you prepare for the downturn.