There is no better time to prepare for an economic downturn than when times are good. With the memory of the severity of the 2007-2008 financial crisis still fresh in the minds of many directors and executives, how should companies prepare for the downturn in the cool of the day, rather than reacting in crisis mode?

In this issue of Board Perspectives, we discuss how to create a contingency plan that will (a) mitigate the financial impact of a severe economic downturn on earnings and share price, and (b) position the company to gain market share during the recovery.