What to do now? “Smile.”
Image credit: Dan4th, via flickr
An article in FT.com addresses the gloom typically felt by executives (and others) during a downtown and offers reasons to be cheerful.
There is still business to be done, demand to be met, and customers to be served.
Moreover:
Donald Sull, professor of management practice at London Business School, wrote recently about seizing the upside of a downturn. “Most managers look for golden opportunities when the good times are rolling,†he said. “This is a mistake. The best opportunities often arise during downturns when distressed sellers are forced to offload valuable assets at bargain prices.â€
Sure, it’s hard to hear this when you’re struggling with something external, like being out of work, or if you’re a manager, being required to let people go. These are difficult circumstances, but it’s no less true that there are still opportunities out there.
Now let’s hear from you: what are your stories of opportunities that have come to you at this most unexpected of times?
Kate,
We’re encountering the following five comments over and over again:
“We’ve got to find innovative ways to do more with less.”
“After painful staff reductions, the morale of our remaining team is dangerously low.”
“Our team building events just don’t offer long term value.”
“We need to get ‘ahead of the curve’ before the inevitable economic turnaround.”
“We’re worried about developing key talent under tight budgets.”
We believe these are opportunities because there’s a considerable amount of third party research (example: http://alocgroup.com/knowledge-base/articles/use-downtime-enhance-skills) indicating that now is precisely the time to invest in high performing leaders, keep them on board, and prepare for the upswing that will absolutely happen. Yes, it’s painful to have to answer the tough questions and challenges, but it’s the right time and the strong will survive. We’re showing clients how they can put themselves in the win column.
I enjoy your work, keep it up!
-David