30 Jul, 2021, 21:00 PM | by Pervaiz Nasir
Succeeding by going against instinct and fear
In an economic downturn, the first step nearly every company undertakes is an operational and manpower downsizing and withdrawing from some markets.
The wrong kind of downsizing leads to a loss of talent, damages the corporate culture, damages the trust in the company’s leadership and loses you your key customer and supplier relationships.
All of the things that are expensive or impossible to rebuild later on.
Eventually the recession will end. Have you worked out a map to move from recession to recovery?
The question smart companies are asking themselves is ‘How do we build a much better company?’
Smart companies go against the tide and do the exact opposite.
They analyze the situation and capture the grounds their rivals retreat from, by hiring the best talent, improving their internal processes, realigning their markets, and redesigning their services, market approach and products and capturing and nurturing underserved customers and dissatisfied suppliers and searching for new market segments.