Eight Ways to Prepare to Bounce Back

• The Find: No matter how gloomy things may seem, the economy will eventually bounce back - here’s eight ways to make sure your business is ready to take advantage of the recovery.
• The Source: Advice from Robert Half Management Resources posted on the HR World blog. 

The Takeaway: If everything that goes up must come down, the opposite is also true: every economy, no matter how low, will eventually bounce back. But with many workplaces suffering low morale after lay offs or general gloom after a terrible year, firms may not be well-placed to take advantage of the recovery when it does inevitably come. “Businesses must be adequately prepared or risk losing ground to competitors,” says Paul McDonald, executive director of Robert Half Management Resources. His firm is offering eight tips to help businesses to get in position to take advantage of a bounce: 

1. Keep reassessing budgets. Companies that fully leverage the expertise of financial, budget, treasury or cost analysts will be better positioned to capitalize on improving conditions.
2. Evaluate your bench strength. Some firms are realizing they have cut staff too deeply in response to the economic downturn. This can be an ideal time for a “talent upgrade” as many highly skilled financial professionals are in the job market. 
3. Revisit compliance requirements. Companies should be prepared to evaluate financial reporting competencies, information technology controls, risk assessment procedures and documentation. 
4. Anticipate next-generation financial reporting. The U.S. Securities and Exchange Commission has mandated that public companies report their financials using Extensible Business Reporting Language (XBRL), an interactive data format, by 2011. In addition, while the timetable for convergence between International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (GAAP) is uncertain, proactive firms are already offering education and training to help staff better understand these initiatives and plan for eventual implementation.
5. Invest in your people. Organizations that scaled back on training and development in recent months should consider reinstituting these initiatives.
6. Upgrade IT systems. Outdated financial systems can impair a business’ ability to compete, but conversions take time and resources. Companies that are planning systems upgrades should ensure they have the budget and staffing resources to manage the implementation.
7. Prepare for new products and services. For companies that are considering new product or service launches, this is the time to ensure that the new offering can be introduced quickly when the economy rebounds. 
8. ‘Re-recruit’ your best people. Don’t be surprised if top performers are approached with other offers once the economy turns around. A best defense is a good offense: Managers should meet with their best people now to discuss their careers and remind them how much their contributions are valued.