How to navigate a slowdown
An economic slowdown leads to a drop in sales and profits, hampers manufacturing, reduces business investment and consumer spending, results in loss of jobs, and also limits hiring. In such a state of depression, what should companies do to stay in business and ensure continuity?
Morgen Witzel, a management historian, author of 21 books, and a Fellow Of The Centre For Leadership Studies at The University Of Exeter Business School, writes on the need for Companies should have a long-term strategy in place for navigating recession; Ambi Parameswaran, an independent brand strategist, author, and founder, brand-building.com and author of SPONGE, opines that companies must first understand the nature of the slowdown and then apply the learnings (described in his article) so they emerge more powerful than ever; Michael Evans, Managing Director, Newport LLC suggests maintaining a healthy balance of cost-conscious frugality and bold innovation, in the event of a downturn; Colin D Ellis, a culture change expert, speaker, and author, Culture Fix says that a company’s culture must always be given priority to ensure continuous business success during an economic slump; Aditya Narayan Mishra, Director and CEO, CIEL HR, opines that HR can play a seminal role in turning threats into opportunities during a recession.
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