Strategy for the Recession
- Tags:
- Business Operations,
- Business Security,
- Corporate Insurance,
- Government,
- Harvard Knowledgebase,
- Homeland Security,
- Recession,
- Strategy,
- Terrorist Attack
- Source:
- Harvard Knowledgebase
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Overview: Even before the September terrorist attacks in the U.S., business executives were paddling furiously to traverse the economic doldrums. Now it is almost certain that the crossing will be longer and harder. The practices that are mentioned in this passage will help the professionals. The contingency measures that World Trade Center tenants adopted after the landmark's 1993 bombing are widely credited with saving lives and businesses in the wake of the most recent disaster. The impending downturn, however, calls for more: one will need entire strategies crafted to address the worst-case scenarios. To help customers get back on their feet after the terrorist attacks, hundreds of companies, from rental-car agencies to mortgage lenders, offered price breaks, even though it meant taking a financial loss. Many firms set up counseling sessions and gave employees time off to support others. The lesson here, as the economy heads toward recession: now is the time to prove that one deserves the stakeholders' loyalty and trust. Downturns often make cuts to personnel unavoidable. The temptation is to give more attention to the most troubled businesses and take the core for granted.
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Format: HTML | Date: Dec 2001 | Pages: 1
