Economic Downturn

I recently did an interview with Michael Fischer from Lyondell-Basell about important change work to do during this economic downturn. The short list of to do’s is pretty straightforward:

Manage costs. Decrease them wherever possible

Protect your share of a shrinking marketplace

Conserve cash so that you can weather the financial storm

These make sense. But alone, they miss the mark.

There’s one good thing about times like these when the economy tanks. It encourages out of the box thinking. You get ahead by challenging fundamental assumptions. The more sacred the assumption, the more you need to call it into question.

What’s the most basic assumption in this economy?

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• What is the most important change work that needs to be done in this economic downturn?
  
• How can it be done most effectively?
  
• What roles need to be filled by leaders, first line supervisors, communications staffs, and consultants.