Surviving a Downturn: Leading in Adversity

A business downturn is inevitable. Periods of growth are always punctuated by periods of stagnation or decline. This can occur in an economy, an industry, region or simply for a single business. Major customers can leave, disappear or refuse to pay; your brand can be damaged, fairly or unfairly, by ignorance or malice. Mistakes or unforeseen sequences of events can conspire to create adversity.

There is, however, a much more positive aspect: downturns, and even the prospect of downturns, can strengthen your business. The best businesses are those that are energetic and thoughtful, avoid complacency and continuously learn, that adapt and improve – in short, even if a downturn is not present, the best businesses act as if it may be right around the corner and must be planned for. In a fast-moving, competitive and global economy, this is a sound approach to ensuring success.