Tom Beaty

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It can be an oddly satisfying punch to the ego to replace yourself and see business performance improve.

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20 tips to set your new company up for success in the marketplace. As a company leader, you may be confident about your organization's ability to meet consumer demands and thrive at meeting your quarterly goals on a regular basis right now. But if you don't have a systematic approach to coming up with ways to keep your business financially fit, you'll be setting your company and team up for failure in the event of unforeseen circumstances. For example, an unsteady economy. Your numbers may look good on paper but regulating your KPI metrics in real-time is essential to generate a true measure of financial success.  Below, 20 Fast Company Executive Board members share one piece of advice that aspiring business leaders or small business owners should consider when it comes to understanding the importance of financial management and planning for longevity in any industry.

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Here are 11 areas to consider if you want to keep your business up to code. It's essential to remain compliant with marketplace regulations if you plan to stay in business. By doing so, your clients and partners will appreciate your credibility as a trustworthy brand. It also puts you in a better position when times are tough and when they are forced to make hard and fast investment decisions in a budget crunch.   Whether you are trying to comprehend individual state tax laws or trying to navigate how to handle data privacy restrictions that may impact your company and its stakeholders, it's necessary to cover all of your bases so you don't wind up in any legal trouble. Below, leading experts from Fast Company Executive Board discuss the market regulations that have been especially challenging for their organizations and how they were able to overcome the obstacles. In hindsight, abiding by these business requirements has helped some companies thrive even more. 

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Layoffs aren't the only way to cut overhead costs in a challenging economy. In times of economic difficulty, companies often face tough decisions when it comes to retaining employees. Layoffs can seem like the only viable solution to cut costs and survive financially. However, these decisions can have lasting impacts on the morale and productivity of the remaining team members. Fortunately, there are alternative strategies that companies can employ to avoid layoffs and increase job security for their employees. To that end, a panel of Fast Company Executive Board members offer their top-recommended strategies for keeping your staff intact and discuss their potential benefits for both companies and employees.

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Consider what's at stake if you want the best bang for your buck. When you are searching for a manufacturing distributor to do business with, it's never a good idea to take everything they say at face value. You have to do your research first. In addition to creating a short list of your best options, it's key to follow up with reference checks and pay a visit to the facility location. This will shed light on core value alignment and quality standards in real-time—and not just on paper—because at the end of the day, it's all about the client and customer satisfaction rates. To help company leaders find the right partner to elevate their brand further and make a good impression on every user's experience, experts from Fast Company Executive Board address 10 top qualifications to consider for the best return on their investment.

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There's an upside to a downsize. Here's how company leaders can make a difference and maintain their staff's trust. In the past few years, many companies are still facing economic challenges in a fluctuating market, which also makes it difficult when leaders are forced to have tough conversations with their dedicated team about potential or necessary cutbacks. Demonstrating transparency and open communication is one of the most important steps to keep your stakeholders well-informed along the way. If you work together with your team to engage in ideas for alternative solutions, you will set your organization up for success and strengthen your potential to come out on top in the long term. Below, 13 Fast Company Executive Board members share their best practices to help leaders prepare their teams for cutbacks in the business world.