Managing Through Downturns
Downturns are becoming common in an unpredictable economic climate, trade tariffs wars, increase in wages, stiff competition and disruptive technology. These situations reduce the profit margins and threatens to even kill the business. In an upturn people are busy and the climate or vibes within the company is positive attached with the growth. However, managing downturns increases anxiety and uncertainty with low cash flows, low credit ratings, dwindling sales, Good people will be jumping ships and the moral level is sinking. Managing in downturn requires a different mindset, skillset and tool set so that you can face the storm and come out victoriously.