Kathy Harris

A few months ago, I attended a small but powerful panel discussion on what to expect in IT given the scary state of the world economy.  The insight shared in this discussion was particularly relevant as the economic downturn was just beginning; it is even more relevant as we weather the throes of the recession.  

Everyone in the audience was prepared for dire predictions but these panel members were clearly focused on not becoming victims of a recession. They didn’t mince words about the tough times to come, but they had great ideas on how to navigate the turbulence. So, thanks to Cal Hackeman, Grant Thornton; David Jones, Peak 10; and Mike Elliott, Noro-Moseley Partners for these wise words and big ideas:  

• There is never a recession in innovation. Don’t hesitate to pursue and capitalize on great ideas.
• Don’t slash and burn your external spending on brand and market positioning. Most organizations want to cut their marketing budget, but if you don’t keep your brand strong, the market will forget about you.
• The downturn in the economy happened fast and the upturn is likely to happen just as fast once it begins. Don’t cut so much now that you can’t ramp up fast – preserve the core business and preserve your best talent. Once the clouds begin to clear, there will be a run for the best talent. Prepare for the upturn – if you find great talent, hire them now.
• Your strategy has to change in an economic downturn. First, turn your attention from prospecting to customer contact — secure your relationships with your customers. Second, shift your business focus from high growth to margin maximization.
• Never take your eyes off your spending – this economic downturn may be a permanent change. Be vigilant. Cut spending wherever you can. Check everything — small stuff adds up. Cut spending and then cut it again. 

What are you doing to position your company to survive the downturn and prepare for an upturn? I’d like to hear your story.