There’s evidence to suggest a cooling economy. Economists point to GDP growth that is limping at a slow pace. Even the Credit Union National Association is predicting “slower economic growth, more uncertainty and more consumer caution will slow credit union growth.” In CUNA’s third quarter report, after a five-year average of 10.1% loan growth, the national trade association is predicting 5.5% growth for 2020.
So, it’s time to cut expenses fast, right? Well… not so fast.
A Harvest Business Review study found companies that do that have the lowest probability (21%) of pulling ahead when times get better.
Should we invest boldly? HBR’s study suggest only 26% fare well after a downturn.
Actually, HBR’s study suggests a balance of “defensive and offensive moves” having the highest probability (37%) for success.
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