• "Focus on what we can influence, and not over- or underreact to things we cannot. It's a question of living in the world as it is, not the way we want it to be."
• Assess the damage externally -- vendors, customers, colleagues. "In 2001, we went to our customers in energy, manufacturing, and automotive, to name a few. We asked, 'How are you handling this?' "
• "Ask yourself, 'Is this a market-driven phenomenon or did we do it to ourselves?' " Based on the answers you get, formulate a response. "In 2001, our strategy was working extremely well before the downturn, and it seemed to be working from the customers' side, so we said it was 90-10. That turned out to be about right."
• Make a determination of how long this will last and how deep it is going to be. "Prepare yourself for it to be longer and deeper than you think. And then build flexibility to adjust quickly if you need to."
• Get ready for the upturn. "What's our vision for where this industry is going with or without us?" That, he says, is a five-year horizon. "What is our differentiated strategy within that vision?" That's a two- to four-year plan. "How are we going to execute in the next 12 to 18 months?"
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Recent Comments | 2 Total
December 9, 2008 at 1:52pm by Matt Clark
The socialist management philosophy my take hold. It supports the middle 70% and really encourages the bottom 10% to continue on in an as usual fashion if you believe Welch's performance distribution. What does this do to the top 20%? This group carries the load of much of the organization below it. How are they motivated to continue to perform at that level?
November 11, 2009 at 10:55pm by luyi sindw
"Focus on what we can influence, and not over- or underreact to things we cannot", i agree with it, the Economic trends we can not influence directly but we can decide how hard we work, how to enjoy the every day.
swf to wmv