The Upside of the Downturn: 10 Management Strategies to Prevail in the Recession and Thrive in the Aftermath

Never waste a crisis - the current recession is a turning point into a new economic world, a world full of opportunity for those who understand what's happening, why it's happening, and what it means for them. Some businesses - and some people - will emerge from this downturn stronger and more dominant than when it started. Others will weaken and fade. It all depends on critical choices they make right now. Geoff Colvin, one of world's most respected business journalists, says even the scariest recession has an upside. The best managers know that conventional thinking won't help them win in these tough times. They're taking smart, practical steps that will not only keep them strong, but will also distance them from the pack for years to come. The dozens of top-performing leaders Colvin interviewed reject the common view that slashing costs and firing employees is all that matters. They see the recession as a rich opportunity to restructure, reinvent and reimagine their businesses and lay the groundwork for future growth. Written in Colvin's characteristic reader-friendly style, "The Upside of the Downturn" shows how anyone - from small business owner to global conglomerate CEO - can benefit from his ten solidly grounded strategies. He shows how to find opportunities that will increase your company's competitiveness and build its long-term value. For example: reset priorities. Easy to say, harder to do. Pursuing the lofty goals set in good times can be disastrous now; re-evaluate people and steal some good ones. Mass layoffs are a tempting way to cut costs, but great companies often find smarter alternatives. And if your competitors are unwise enough to fire their best people, grab them; keep investing in the core. Trim the fat from your budgets but not the muscle. The best companies actually increase some spending in a recession, funding the areas that make them unique and valuable; and, price with courage. Many companies assume they must - yet the long-term damage often outweighs the short-term boost. Colvin shows how these strategies really work, using examples of major companies that have applied them with inspiring results and discovered those hidden gems of opportunity and those elusive 'green shoots' of recovery.

About the Author :
Geoff Colvin is Fortune's senior editor-at-large and is also the author of Talent is Overrated and The Upside of the Downturn. He has served as moderator of the Fortune Global Forum, where he has interviewed Bill Gates, Jack Welch, Herb Kelleher, Peter Drucker and other business legends. Colvin graduated Harvard cum-laude with a B.A. in Economics, and received his MBA from New York University's Stern School.

Review :
Colvin has defined a new genre of management book: the bust-buster. As a manual for prospering beyond survival, this book will take some beating. Colvin's book is packed with sound advice. His overall message is simple: even as businesses prepare for difficult times they must keep an eye on the long term, trimming the fat but not the muscle and sometimes spending where it makes sense. Financial Times Book Review "Flexibility and long-term thinking is the recurring theme. Colvin's book is an easy read and his points are all well peppered with examples and anecdotes." The Irish Times "In his standard brisk, clean and engaging style, Colvin argues that the recession has created a new world. He advises that we engage the outside world, manage for value, price with courage, understand all our risks, and don't forget to grow ourselves. Agreed." CEO Magazine "interesting and enlightening" Financial Director.