Geoff Colvin has authored a interesting article in the January 19, 2009 edition of Fortune magazine: “How to Manage Your Business in a Recession” in which he points out 10 ways to weather the current economic storm-
Here they are:
- Reset priorities to face a new reality.
- Keep investing in the core.
- Communicate like crazy, balancing realism and optimism.
- Your customers face new problems, so give them new solutions.
- Don´t rush to cut prices.
- Focus on capital – how you´re getting it and where you´re using it.
- Reevaluate people – and steal some good ones.
- Reexamine complensation – what is it offering incentives for?
- Think twice about offshoring.
- Be smart about mergers and acquisitions.