A Downturn Provides the Ideal Opportunity to Force Hard Choices
LONDON Business School professor Donald Sull writes in today’s Financial Times that we need to take advantage of the opportunities that are presented by the economic downturn:
Major change efforts are difficult in the best of times, and many executives worry that a downturn will halt future progress or reverse any gains made to date. Indeed, in a downturn, managers too often scurry from fighting one fire to the next and thereby lose sight of the longer transformation effort.
Large-scale change initiatives typically require eight to 10 years to complete and often run out of steam along the way. Downturns provide an ideal opportunity to re-invigorate an ongoing transformation. Managers can harness a downturn to renew a sense of urgency, justify unpopular decisions and overcome complacency or resistance to change.
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Posted by Michael McKinney at 11:29 AM
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