Introduction and Learning Objectives
The recession is already installed, and most companies are suffering the consequences. Therefore, the management of companies, large or small, new or established, and independently of sector they belong to, though not currently affected by the recession, are advised to make changes in the management of their organization.
The economic situation was good until the recession began and managers of companies generally felt better prepared and able to manage. Obviously it is easier as the problems are smaller. However, in a recession or crisis many managers who were managing comfortably are not able to properly manage their businesses. At these times their inefficiencies appear clearly. Despair appears and can be fatal if you do not have expert professionals and experienced business advisors. They will not necessarily ensure the viability of the companies, but will certainly be a great help. Each company must adopt decisions based on their needs; these may be very different to those taken by others in the same conditions, but with a different strategic vision. As we have commented it is advisable to hire experienced professionals, business consultants, as you probably have to take actions that may differ substantially from those that have been implemented so far.
The aim of this module is to give the keys to business advisors to help their clients manage their businesses well. Good management is the main objective of the company manager, but managing in a period of growth is not the same as in a recession.
In this module we will review the aspects of management that become more important during a recession: Leadership, Strategic Plan, Staff, Communication, Finance, Customers and Value.
At the end of this module you will:
- Understand the essential components of managing a business in a recession.
- Be able understand the issues that worry business managers in a recession.
- Be able to explain to clients how to focus the management of their businesses during recession.
- Have a “roadmap” to help their clients.