Looking for ideas about how to survive—and thrive—in the current economic environment? Here are ten recession-battling insights we’ve compiled for you—with links to resources on a variety of websites.
- Look for Opportunities
“If history is any guide, we can expect some significant industry shapers to emerge from the current crisis,” observes Bhaskar Chakravorti in an interview about how companies can find opportunity in the economic downturn.
- Rethink Your Offerings
Need to cut costs? Scott D. Anthony, president of the innovation consulting firm Innosight, advises instead thinking in terms of “re-featuring” your offerings.
- Understand the Crisis
Looking for a better understanding of the challenges facing the economy? In a sobering talk at MIT in February, Harvard professor Martin Feldstein gave his analysis, as did MIT Sloan School professor Simon Johnson.
- Waste Not, Want Not
Two companies have found that their commitment to environmentally friendly practices has brought economic benefits.
- Bootstrap Your Business
Start-up expert Guy Kawasaki offers ten bootstrapping tips for self-financing a new business.
- Learn from Volatile Markets
Looking for new strategies for doing business in the recession? Martin S. Roth and Richard Ettenson suggest that Western companies would do well to consider strategies employed by companies from emerging markets—where economic volatility and constraints on consumer disposable income are commonplace.
- Consider Pay Cuts
David Lewin argues that more companies should consider salary cuts as a cost-saving alternative that is often preferable to layoffs – since pay cuts preserve a trained workforce when the economy rebounds. (Wall Street Journal subscription required to read article.)
- Work with Suppliers
Robert Handfield notes that it’s a good time to work more closely with your suppliers.
- Learn from the Past
How much should companies invest in innovation in difficult economic times? In this article, Tom Nicholas, an associate professor at the Harvard Business School, looks to the Great Depression for lessons.
- Anticipate the Future
In what areas could technology bring new prosperity? That question was posed to a number of MIT professors in various fields in spring 2008. Their answers ranged from biosolar cells to robots to sustainable cities.
For more smart recession-fighting strategies, read the rest of MIT Sloan Management Review’s Downturn Manifesto special report. —Martha E. Mangelsdorf
