As this historic downturn continues, managers are struggling to maintain profits, respond to customers, and lead their people. The old rules no longer apply.
But according to Geoff Colvin, one of America's most respected business journalists, even the scariest recession has an upside. Savvy managers can take practical steps to prevail now and come out stronger when the downturn ends.
Based on extensive interviews with global executives and other experts, Colvin synthesizes the ten most important guidelines for tough times. Among them:
–Reevaluate people. Mass layoffs are tempting, but great companies often find alternatives. And if your competitors fire their best people, grab them.
–Keep investing in your core business. It might make sense to actually increase some spending.
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–Don't rush to cut prices. The long-term danger often outweighs the short-term boost.
Colvin tells stories of companies that have already adopted these strategies, with encouraging results.