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In an economic downturn, you need to
In an economic downturn you need to
conserve your resources so that you can
survive. However, you also need to position
yourself to benefit as competitors falter,
and to be ready when the economy
recovers. An economy in decline is often an
i d li i f
opportunity to regroup, rethink, and renew.
To take advantage of new opportunities,
consider doing the following: ‐
Review your Lead by Add value Use market Take the continuous
strategy example •One of the ways y conditions opportunity to improvement
•Figure out which •Now, more than that leaders can •If you're a senior trim costs
objectives you're ever, you have to gain greater manager, consider •Look at your
market share and •Encourage cost‐
meeting, which lead 'from the looking for consciousness systems and
ones need more front' by setting an improve bargains, in terms processes to find
operations is by within your team
emphasis, and example. Take of mergers and or organization. efficiency
which ones you p
personal really listening to q ,
acquisitions, which opportunities. Lead
h Now is a great time
Now is a great time
should reconsider responsibility for will improve your to do this ‐ the way in building
or drop as the customer care and Look for innovative company's future a culture of
environment contact. Actively ways to add value competitive continuous
without adding that times are
around you pursue new position. Whatever tough, and people improvement
changes. business. Show costs, and win level you're at, (members only).
customers who will be more willing
that you're willing negotiate keener than ever to cut You can use these
to make extra
t k t aren t being well
aren't being well rates with
t ith savings to pursue
effort to commit to served by your suppliers, which the numerous
the organization's competitors. you can continue opportunities
success. to enjoy after the created by the
economy recovers. downturn.
Negative messages are all too common
during economic downturns.
during economic downturns
People are losing their jobs, unemployment
rates are going up, and personal and
t i d l d
corporate bankruptcies are increasing.
This can weaken morale, both in the
workplace and in society as a whole, and it
workplace and in society as a whole and it
can tip people into panic, severely
damaging their productivity.
g g p y
Use this time to reinforce how important
they are, and build the skills they need to
they are and build the skills they need to
help the company survive.
Build a Positive
Be creative workplace
Retain your and retention
Invest time in