Well, more often than not, I have heard managers asking for the best strategy to beat the downturn. They want to predict when is the next downturn coming, how to best prepare for that, how to sail through the ongoing one etc.
Tto me, the answer is quite simple- there is no answer. There is no set answer to this question for any company, in any industry and in any part of the world. There might be some temporary answers but the best ‘strategy’ to face the change is to change with it. I believe, it all depends on how open are you to question your set of beliefs, strategy, past decisions and everything else in the organization when the market environment change comes. It depends on how you perceive it, how you embrace it and change with it. It all depends on you management’s open-mindedness, nimbleness and organization’s agility to ‘change with the change’, if required.
In all likelihood, you will find your own answers and the best resources to adapt. But it is just that are you, at the first place, flexible enough to start thinking about it, strategizing around it, and then advocating and implementing that change throughout the organization. Also, not to forget, are you again ready to change when the next change knocks on your door.
This requires a deep vision from the senior management and advocacy of the same throughout the organization to make it a part of its DNA.