2 Act decisively

What is the issue?

Resting on your laurels is not an appropriate strategy for turbulent times. The winners will be those who act decisively, have the courage to take tough decisions and position themselves to take advantage of the upturn when it comes.

What do I need to be aware of?

Companies who benefitted from previous economic downturns are those that acted early and decisively. Some were even able to take advantage of previous downturns to steal a march on their competitors.

What questions should I be asking myself?

• Strong leadership is required with a variety of skills. Do I have the right people in the right roles?
• Am I ignoring ingrained biases and tackling sacred cows?
• Am I focusing on what has to be done, or what is easy to do?
• Have I re-assessed the key risks facing my business and am I completely focused on those risks?
• How am I responding to the changing landscape? Am I acting decisively and taking the initiative?
• Am I agile, thinking innovatively and re-focusing resources on the value drivers of my business?
• Am I taking decisive action on costs, key customers and suppliers? Am I monitoring my cash flow?

How can PwC help?

Drawing on a network of expertise and the experience of our professionals, we can help you to focus on the crucial drivers in your company and to take decisive action. We will accompany you through the downturn and help you find the right position for the upturn. Check the column on the right for details of who to contact and for further information.