Never waste a crisis - the current recession is a turning point into a new economic world, a world full of opportunity for those who understand what's happening, why it's happening, and what it means for them. Some businesses - and some people - will emerge from this downturn stronger and more dominant than when it started. Others will weaken and fade. It all depends on critical choices they make right now.
Geoff Colvin, one of world's most respected business journalists, says even the scariest recession has an upside. The best managers know that conventional thinking won't help them win in these tough times. They're taking smart, practical steps that will not only keep them strong, but will also distance them from the pack for years to come. The dozens of top-performing leaders Colvin interviewed reject the common view that slashing costs and firing employees is all that matters. They see the recession as a rich opportunity to restructure, reinvent and reimagine their businesses and lay the groundwork for future growth.
Written in Colvin's characteristic reader-friendly style, The Upside of the Downturn shows how anyone - from small business owner to global conglomerate CEO - can benefit from his ten solidly grounded strategies. He shows how to find opportunities that will increase your company's competitiveness and build its long-term value. For example: reset priorities. Easy to say, harder to do. Pursuing the lofty goals set in good times can be disastrous now; re-evaluate people and steal some good ones. Mass layoffs are a tempting way to cut costs, but great companies often find smarter alternatives. And if your competitors are unwise enough to fire their best people, grab them; keep investing in the core.
Trim the fat from your budgets but not the muscle. The best companies actually increase some spending in a recession, funding the areas that make them unique and valuable; and, price with courage. Many companies assume they must - yet the long-term damage often outweighs the short-term boost.
Colvin shows how these strategies really work, using examples of major companies that have applied them with inspiring results and discovered those hidden gems of opportunity and those elusive 'green shoots' of recovery.
