Course Description

Companies get into trouble in the good times. However, that doesn't mean that they fail during good economic times. Rather, they make decisions that cause them financial stress when a recession hits. This course gives you financial management ideas for what to do before and during a recession.

The course begins by explaining who determines when a recession has occurred in the United States and the criteria they use to make that determination. I'll then list some challenges businesses face during a recession. Specifically, I'll show how companies get trapped with high costs and cash outflows during a recession.

In the last half of the course, we’ll look at many financial management ideas you can implement before and during a recession to improve your company's ability to survive and thrive. Finally, we'll look at some opportunities businesses have during recessions to improve profitability when good economic times return.

For much of my career, I was part of the senior leadership at banks and a large credit union. I've sat through many special asset meetings, which is the euphemism banks use for meetings about bad loans and repossessed assets. The collections department reported to me at one financial institution. I've seen many of the financial mistakes companies make. It truly saddened me. My hope is that this course gives you ideas to help businesses make fewer and less costly mistakes.

Learning Objectives

• Identify common recession impacts on companies
• Recall financial management methods to prepare for a recession
• Recognize ways to improve financial performance during a recession

Prerequisites

• None