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How to win in a financial crisis
Conventional wisdom has it that the best a company can hope for during a financial crisis is mere survival. But savvier managers realize that a time of great uncertainty, when financial and competitive landscapes change almost overnight, gives companies a perfect opportunity to make great strategic advances. How? First, companies must recognize that a crisis is a period of radical change and relax their assumptions about their normal corporate boundaries, such as regulations, competition, the behavior of customers, and an organization's ability to adapt. And once they spot new opportunities, they must move rapidly and take risks to seize them.
The take-away: Along with chaos and fear, financial crises bring opportunities brought on by changes in attitudes and the failures of competitors. Visionary management teams that act on these opportunities can emerge well positioned for the future.
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