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The Upside of the Downturn Ten Management Strategies to Prevail in the Recession and Thrive in the Aftermath. Geoff Colvin
From best-selling author and acclaimed journalist Geoff Colvin, this is a guide for managing through the recession that shows how companies can use it as an opportunity to restructure, reinvent and reimagine their business.
182 pages, Hardcover
First published June 19, 2009
14 people are currently reading
156 people want to read
About the author
Geoff Colvin
21 books114 followersLibrarian Note: There is more than one author in the Goodreads database with this name.
Geoff (Geoffrey) Colvin has a degree in economics from Harvard and an M.B.A. from New York University. He is an author, a broadcaster, and speaker. He is also Senior Editor-at-Large of Fortune Magazine.
Geoff (Geoffrey) Colvin has a degree in economics from Harvard and an M.B.A. from New York University. He is an author, a broadcaster, and speaker. He is also Senior Editor-at-Large of Fortune Magazine.
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Displaying 1 - 10 of 10 reviews
October 26, 2010
Its like a mini MBA course without all the formula and theoritical stuffs. A easy reading good book. Thanks.
Its not just for reccession, actually, a leader should always plan and act as recession is on the way.
a. understand, but, also manage the environment
b. hold your core value, dont give up
c. your staff is your most valuable
d. priority is strategy
e. price is your bottom line, be careful
f. Look for new solutions to customers, always
g. Forget accounting, apply abc- activities based costing
h. build up the adaptive power for changes
must hv key targets set
look for opp in Green arena
think again before u cut cost and how
listen to employees
act as Private Equity investor in your firm
i. listen to different voices in academic, different industry to capture unexpected risks
use scenario analysis
j. improve oneself in failures
take on tasks that is not familiar to you
Its not just for reccession, actually, a leader should always plan and act as recession is on the way.
a. understand, but, also manage the environment
b. hold your core value, dont give up
c. your staff is your most valuable
d. priority is strategy
e. price is your bottom line, be careful
f. Look for new solutions to customers, always
g. Forget accounting, apply abc- activities based costing
h. build up the adaptive power for changes
must hv key targets set
look for opp in Green arena
think again before u cut cost and how
listen to employees
act as Private Equity investor in your firm
i. listen to different voices in academic, different industry to capture unexpected risks
use scenario analysis
j. improve oneself in failures
take on tasks that is not familiar to you
December 29, 2009
Great insights into where we are now, how we got here, and what we can do during this downturn to prepare for the upturn and eventual future downturns.
October 3, 2022
A little bit dated on views regarding change management.
September 5, 2024
Short but insightful read
September 9, 2022
The Great Recession is rich with possibilities. Some businesses and people will emerge stronger and ahead of the game. Others will weaken and fade. Geoff Colvin shows you how and why.
As Senior Editor-at-Large for FORTUNE, Colvin has had a front row seat to this recession. As we come out of the downturn we are entering a "new normal." Life will be different moving forward and the first step is to reset priorities to help minimize stress. Stress hijack's the brain's ability to work. Overstressed decision makers are bad decision makers. So, reset priorities, both for you and for the people who are looking to you for guidance and direction.
Several counter-intuitive management strategies include the following:
~ A downturn is a great time to develop and train. Many people who perform information-based work will have to get dramatically better in order to be worth what they cost. Upgrading your skills will give you and your company a competitive advantage as the market improves.
~ Less enlightened firms slash research & development (R&D) which damages growth prospects when the economy picks up steam. How much are you personally spending on R&D during the downturn in order to prepare for growth opportunities right around the corner?
~ You are in the best position to raise prices (earn more money) if what you offer is both unique and necessary. Use the downturn to position your company, and yourself, according to this Pricing Power Matrix.
Colvin offers additional thoughts on operational discipline, changing customer values, green initiatives, and much more. These observations can best be summarized in one simple statement:
If you are looking for focus on improving individual performance, check out Colvin's five-star Talent is Overrated.
Access Gene Babon's reviews of books on Business Leadership and Business Strategy at Pinterest.
As Senior Editor-at-Large for FORTUNE, Colvin has had a front row seat to this recession. As we come out of the downturn we are entering a "new normal." Life will be different moving forward and the first step is to reset priorities to help minimize stress. Stress hijack's the brain's ability to work. Overstressed decision makers are bad decision makers. So, reset priorities, both for you and for the people who are looking to you for guidance and direction.
Several counter-intuitive management strategies include the following:
~ A downturn is a great time to develop and train. Many people who perform information-based work will have to get dramatically better in order to be worth what they cost. Upgrading your skills will give you and your company a competitive advantage as the market improves.
~ Less enlightened firms slash research & development (R&D) which damages growth prospects when the economy picks up steam. How much are you personally spending on R&D during the downturn in order to prepare for growth opportunities right around the corner?
~ You are in the best position to raise prices (earn more money) if what you offer is both unique and necessary. Use the downturn to position your company, and yourself, according to this Pricing Power Matrix.
Colvin offers additional thoughts on operational discipline, changing customer values, green initiatives, and much more. These observations can best be summarized in one simple statement:
"Focus intensely on a few clear goals."You can't hope for progress without being clear about the measurements that matter.
If you are looking for focus on improving individual performance, check out Colvin's five-star Talent is Overrated.
Access Gene Babon's reviews of books on Business Leadership and Business Strategy at Pinterest.
July 28, 2011
Heck, I'm gonna start writing this review before I've finished the book, because I really really like it and I want to make some summary notes for posterity:
Clear concise writing. Excellent analysis.
This recession is worldwide, deep, severe and painful, long enough that some companies won't survive, novel, and it will test you personally in creating opportunities for growth and leadership that most managers haven't faced before.
Recognize the new reality and reset your priorities. Combat stress and uncertainty by feeling in control, strong group cohesion, inspire trust, having high motivation, being well-armed and protected, being well trained, and treating those that are cut with class and care.
Protect your people: your most valuable asset. Recessions are a great time for training and development. Employees will never forget how you treated them in the darkest days. Pay smart. The true cost of layoffs means that layoffs should be your last resort and applied strategically.
Engage the outside world, recognize the changing relationships around you and control the process. Help shape the narrative: the public will settle on one simple reason for this recession, but it is really a nuanced combination of four main factors: 1) free market ran amok 2) Greenspan did it 3) legistative changes in the mid-1990s 4) consumers lost self-discipline and forgot about savings and risk. The first reason looks to be the winner. Lots of government intervention coming down the pipeline.
Re-examine your strategy and business model: know what you must change and what you must not. Know your core. Glean how this recession is changing your customers and their behaviours. Will this recession hasten or even cause a large-scale restructuring of your industry? And if so, how will it affect you? Cocreation. Imagination-based business models.
Manage for value.
Clear concise writing. Excellent analysis.
This recession is worldwide, deep, severe and painful, long enough that some companies won't survive, novel, and it will test you personally in creating opportunities for growth and leadership that most managers haven't faced before.
Recognize the new reality and reset your priorities. Combat stress and uncertainty by feeling in control, strong group cohesion, inspire trust, having high motivation, being well-armed and protected, being well trained, and treating those that are cut with class and care.
Protect your people: your most valuable asset. Recessions are a great time for training and development. Employees will never forget how you treated them in the darkest days. Pay smart. The true cost of layoffs means that layoffs should be your last resort and applied strategically.
Engage the outside world, recognize the changing relationships around you and control the process. Help shape the narrative: the public will settle on one simple reason for this recession, but it is really a nuanced combination of four main factors: 1) free market ran amok 2) Greenspan did it 3) legistative changes in the mid-1990s 4) consumers lost self-discipline and forgot about savings and risk. The first reason looks to be the winner. Lots of government intervention coming down the pipeline.
Re-examine your strategy and business model: know what you must change and what you must not. Know your core. Glean how this recession is changing your customers and their behaviours. Will this recession hasten or even cause a large-scale restructuring of your industry? And if so, how will it affect you? Cocreation. Imagination-based business models.
Manage for value.
February 22, 2014
I liked Colvin's Talent is Overrated, so finally made up my mind to listen to this audiobook and was predictably pleased.
Nice strategy that while Saks Fifth Avenue was cutting prices ($2000 product suddenly under $800), one of their luxury competitors boasted of having a product $2500 before the recession and now.. $2500 and did not have sales declines anywhere near as severe as Saks.
Other great, which was nice of Colvin to remind us of, was Hyundai's epic boast that if you lose your job or are unable to pay, you could return the car which allowed Hyundai to post sales gains while everyone else was going off a cliff. Honorable mention too that Toyota took the opportunity to keep its workers employed and instead put them on training exercises to keep them occupied and more valuable when work levels normalized.
Other courtesy reminders in the book were on various analytics to try to make sure that your activities are profitable when adjusting for alternative uses of funds (and the cost of obtaining said funds), which while not distinct, still might be a good refresher to some.
Nice strategy that while Saks Fifth Avenue was cutting prices ($2000 product suddenly under $800), one of their luxury competitors boasted of having a product $2500 before the recession and now.. $2500 and did not have sales declines anywhere near as severe as Saks.
Other great, which was nice of Colvin to remind us of, was Hyundai's epic boast that if you lose your job or are unable to pay, you could return the car which allowed Hyundai to post sales gains while everyone else was going off a cliff. Honorable mention too that Toyota took the opportunity to keep its workers employed and instead put them on training exercises to keep them occupied and more valuable when work levels normalized.
Other courtesy reminders in the book were on various analytics to try to make sure that your activities are profitable when adjusting for alternative uses of funds (and the cost of obtaining said funds), which while not distinct, still might be a good refresher to some.
July 9, 2014
IMHO the author spent far too much time recapping the economic events/causes from 2006-2011, which left too little space in the book for the more valuable info about preparing and responding to such crises.
September 1, 2011
Solid book but not earth shaking.
December 20, 2015
Read this when I was an employee so it didn't really hit home. Going to have to take a crack at this again now that I'm running a business.
Displaying 1 - 10 of 10 reviews