Yes, this is a difficult time to run a business, but as so many recessions in the past have shown, crisis breeds opportunity. Both Carnegie Steel and Hewlett-Packard were created during long depressions.
In this type of environment when money is scarce and markets are volatile, it is not easy to keep morale up in many companies. As Dennis Carey, a senior partner at Korn/Ferry International explains, this is the time to reevaluate techniques that worked for your company during boom years. As he says, "You can't rely on a peacetime general to fight a war. The wartime CEO prepares for the worst so that his or her company can take market share away from players who haven't."
One key aspect of many businesses right now is to get the funds they need to help their businesses to grow. Only those businesses that can show strong balance sheets will stand a chance.
