As the Dow plummets and credit becomes unavailable, it portends a horrible short-term trend that could spell the demise of economic prosperity that, under our own personal leadership, many of us actually helped create for our companies. Certainly, at some point in history, people will look back at this time and recall how bad it got and will be thankful that the tide finally turned. Realizing this, we have a choice.
What Are Our Choices?
The following paragraph discusses the generally accepted approach for reacting to a recession. Strategic Business adviser Carter Schelling has discussed precautions businesses take to prepare for looming recession, likening it to fire drill. First, he suggests that business owners gauge customers' ability to resist recession and redesign customer offerings accordingly. He goes on to suggest they use lean principles, replace unhappy workers with those more motivated, eager and highly competitive. Also over-communicate. "Companies," he says, "get better at what they do during bad times." He calls his program the "Recession Drill.” From website: www.wikipedia.org/wiki/Recession-
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