Geoff Colvin writes a clever piece in FORTUNE magazine about How To Manage Your Business in a Recession. His recommendations are right to the point and apply with no exceptions to our business.
No matter what shape your business is in, it will benefit from following these ten recommendations.
• Reset priorities to face the new reality.
• Keep investing in the core.
• Communicate like crazy, balancing realism and optimism.
• Your customers face new problems, so give them new solutions.
• Don’t rush to cut prices.
• Focus on capital – how you’re getting it and where you’re using it.
• Reevaluate people – and steal some good ones.
• Reexamine compensation – what is it offering incentives for?
• Think twice about offshoring.
• Be smart about mergers and acquisitions.
OTNB IDEA: HOW TO APPLY THIS TO JOURNALISM Essay on how Colvin’s ideas apply to journalism by Juan Antonio Giner.