It’s extremely important to take this opportunity to hire great people, focus on product development and make smart acquisitions and other investments that will allow companies to emerge from this economy stronger than when they entered it. Of course, keeping an eye on costs is important, but it shouldn’t be in opposition to building your business. Companies must realise that their competitors aren’t resting idle and neither should they. If companies can succeed in keeping their business healthy and profitable, they will have the flexibility to leap-frog ahead.
Now is the time to get a clear vision on the changes that can be made today that will have the biggest impact when spending goes up again in the next 12 – 18 months. Businesses won’t be able get this time back, so use it wisely.