Managing: Focus on the Big Picture During a Recession

April 10, 2009

Q. How Do I Keep Perspective on the Big Picture Especially During a Recession?

A: Companies that have a longer term strategic plan (3+ years) have a significant competitive advantage in challenging economic times. They have already gone through the exercise of indentifying/prioritizing key initiatives and know where to apply their limited resources. (i.e., $’s, people). They already have a clear vision for the organization (i.e., what will the company look like in the future)? In most cases, a recession may slow down the rate at which a company moves forward, but more often than not, a depressed economy does not change the direction that a company should pursue. Bottom line, in a recession, stay the course – cut your expenses but do not change you direction.

Here are a few resources to help you focus on the big picture and overcome the recession blues:

• Waiting for a Market Turnaround? Don’t. Act Now.
• A Dozen Ideas for Marketing in a Weak Economy 
• Face Economic Cycles With Confidence
• 60 Seconds to Accelerate Your Focus

 
Sue Hartman, Guest Blogger
View more posts by SCORE’s Guest Bloggers

Filed under: Finance, Managing, Success

Tags: competitive advantage, economic slump, expenses, limited resources, prioritize, recession