Top 10 Survival Tips for
Surviving a Recession
Adapted from the article “Managing Through a Crisis: The New Rules,” Business Week
- Take advantage of the current situation of the economy.
- “History has shown that crisis breeds opportunity.”
- “Look for prospects.”
- “A recession creates winners and losers just like a boom.”
- “On the whole, U.S. businesses face a $238 billion wave of debt maturities that will come due by the end of 2009.”
- Executives have to lead “their people out of a psychological funk and at the same time tailor their business to focus on a new reality.”
- Change your tactics.
- “You can’t rely on a peacetime general to fight a war. The wartime CEO prepares for the worst so that his or her company can take market share away from players who haven’t.”
- Get the funds needed to help a business grow.
- “Only those with strong balance sheets stand a chance.”
- Strive to increase your market share.
- “The pie is getting smaller, and less nimble rivals are getting weaker.”
- “Don't wait for your competitors to fall to the ground.”
- “Take steps to solicit new customers at a time when others are cutting back on service.”
- Ensure the stability of your workforce
- “Hire away their best people while taking steps to make sure they don't grab yours.”
- There are deals to be had out there – take advantage of them while you can.
- “Buy assets from cash-strapped rivals on the cheap.”
- “Abandon strategies or products that don't fit the core business.”
- “If you have to cut costs, start at the top.”
- Top executives should know that “the last thing you want is for people to perceive that you're in it for yourself.”
- “If you have a product you believe in, now is the time to make a bigger investment—not a smaller one.”
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To read the FULL ARTICLE from Business Week, please click here.
Thornton, E (2009, January, 8, 5:00PM EST ). Managing Through a Crisis: The New Rules. BusinessWeek, Retrieved January 9, 2009, from http://www.businessweek.com/magazine/content/09_03/b4116030884620.htm
