Recession Session

Finding Inspiration

Rules of Recession
MONEY

  1. Cut costs by renegotiating leases, loans and other long-term commitments.
  2. Don't try to save cash by stretching payables; you may alienate suppliers.
  3. Don't let a sense of emergency push you to make rash cuts.

MANAGEMENT


  1. Be visible to employees.
  2. Be accountable; don't blame troubles on anything but your own decisions.
  3. Look for opportunities to improve or expand your work force.

MARKETING


  1. Re-examine customers to make sure they're profitable and dependable.
  2. Focus marketing efforts on opportunities for quick sales.
  3. Take advantage of competitors' excess timidity to expand.

TECHNOLOGY


  1. Don't overreact; stick to your long-term plan for technology investment.
  2. Don't miss out on innovations that could let you compete in the next boom.
  3. Invest only in technology offering current benefits, not just features you may one day need.

Mark Henricks is Entrepreneur's "Books" and "Smart Moves" columnist.

Contact Sources

Gauger + Santy Associates
(415) 434-0303, www.gauger-santy.com

Hoffman Corp.
(920) 731-2322, www.hoffman.net

Inner Circle International Ltd.
(952) 933-6629, www.theinnercircle.com

Thomas International USA Inc.
www.thomas-net.com

University of Michigan
www.zli.bus.umich.edu.

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This article was originally published in the March 2002 print edition of Entrepreneur with the headline: Recession Session.

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