How To SURVIVE Being A LEADER in 2024

We've done the pandemic. Survived the fallout. But don't get comfortable, experts say: There's turbulence ahead. Here's how to prep for this year's worst-case scenarios.

- LIZ BRODY

WHAT TO DO IF... the recession shows up late for dinner 

You know the recession we dodged last year? Well, some experts think it may just be tardy. Matt Higgins, an executive fellow at Harvard Business School and co-founder of RSE Ventures, believes all that boisterous consumer spending was propped up on "the contrails of federal stimulus money from the pandemic"-and it's about to run out. At the very least, many researchers forecast a slowdown.

If you'll need funding this year, Higgins suggests raising it now, even with unfavorable terms-because they may only get worse in six months. It's also an essential time to be building for profitability, says Jay Steinfeld, author of Lead from the Core: The 4 Principles for Profit and Prosperity. "What is wrong with growing 10% a year? You're in control of your destiny."

Beyond that, your "bridging" skills are more critical than ever, says Linda A. Hill, a professor of business administration at Harvard Business School and faculty chair of the Leadership Initiative. Sharing talent, technology, and customer acquisition by teaming up with competitors or other players in your space is a great way to cut costs. "If you're a meal-kit brand, for instance," says Steinfeld, "include coupons for other companies in your boxes and they can do the same for you." Most importantly, if there is a recession, don't give up. "Just get through 2024," says Higgins. "Recessions tend to spark a new era of tremendous innovation and high growth."

WHAT TO DO IF... your Gen Z employees quit on you