…even in time of crisis!
Not every company will survive the crisis. But most will. And the future success of these companies will be influenced by the decisions and actions taken during the crisis. Those who haven’t prepared may survive the recession only to find themselves overtaken by their competitors as the economy gets back to normal.
Take a look at these figures from an article in the Harvard Management Update (Baveja, Ellis, Rigby -March 2008). A recent study of more than 700 companies over a six-year period found that “twice as many companies made the leap from laggards to leaders during the last recession (90-91) as during surrounding periods of economic calm”.
And most of these changes lasted long after the recession was over. A clear indication that what you do during the crisis determines your position when it’s over.
So the point is: you need to start – right now! – to prepare for recovery.
