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Michael Fingland explains the vital role that stress testing can play for businesses in an economy "teetering on the edge of recession".
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Business stress testing critical as economic conditions worsen
15 March 2024
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8 minute read
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In this latest episode, Vantage Performance chief executive Michael Fingland explains the vital role that stress testing can play for businesses in an economy "teetering on the edge of recession".
Fingland gives a rundown on the concept of stress testing and how businesses can utilise this strategy to prepare for further headwinds in the year ahead.
He also explains that with consumer spending pulling back and the economy softening, businesses should be analysing what outcomes might arise with a dip in cash flow, a drop in revenue or other, more specific, challenges. Businesses can then put in place a “rapid-fire turnaround plan” that can be implemented if any of these scenarios happen, he says.
Fingland also provides his predictions on business conditions for the remainder of 2024 and what the main challenges will be.
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