The current downturn may prove more brutal than most previous recessions. It’s already hammering companies in markets around the globe. It will test businesses to their fullest-many won’t survive.
But downturns present strategic opportunities, too. In fact, many more companies achieve dramatic gains during recessions than in normal times.
How to ensure your company emerges successful? In Winning in Turbulence, a new volume in the Memo to the CEO series, Bain & Company downturn strategist Darrell Rigby provides the playbook. He presents a powerful framework and diagnostic tool (available in the book and online) for assessing three dimensions of your situation:
- Your industry’s sensitivity: How hard is it hit by this downturn?
- Your company’s strategic position: Are you an industry leader or follower?
- Your firm’s financial position, including cash reserves.
The author then explains how to craft an action plan tailored to the situation you’ve diagnosed, providing tools for:
- Cutting costs intelligently-sustaining your margins and brand
- Boosting revenue by refocusing your sales force on the right customers
- Channeling resources into your core businesses
- Preparing for bold moves, such as game-changing acquisitions
Timely and practical, this book positions you to survive a downturn and emerge stronger once the recovery begins.
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Darrell Rigby is a Partner in Bain & Company’s Boston office and heads the firm’s Global Retail practice. He is a frequent speaker and writer on strategy for managing in a downturn and has authored numerous Harvard Business Review articles.
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