5 Things To Do In A Downturn

1. Focus on retrenching and reinventing thyself: This is not the time to panic and react on bad news. Sure “change” is becoming a buzz word, but it is more than that. Businesses cannot afford to resist and delay change in a downturn.


2. Reduce the academic advice and increase hands-on strategy implementation: This is the time to put to test everything you have been strategizing about. Businesses need to move from strategy formulation to strategy execution. A downturn separates men from kids.



3. Strive to implement strategies quickly: Time is of essence. Go for 80% solutions and beware of perfectionism. That being said, quality should never be sacrificed. Also ensure benefits are being measured and results are optimized.


4. Leverage facts and data: Analytics combined with a hands-on approach is crucial to enable fast quantifiable results. The time of gut-feel and shooting from the hip is long gone. Arm yourself with enough data and facts to allow you to make the right decisions.


5. Stop listening to the doom-and-gloomers: The sky is not falling and things might return to normal faster than you think. Make sure you are using this time to out-think your competitors.