This paper gives the perspective of a former CFO and COO on his experiences in managing businesses during downturns. What worked best in the long run was to spend the time and invest on business improvements.
Author Rick Burris tells how to avoid the budget trap that business leaders commonly fall prey to during an economic downturn. He also describes how to leverage Integrated Business Planning to both survive today and prepare for the future. Finally, he encourages executives to pause and reflect on how best to create an environment where the organization “looks to the future with a realistic, positive attitude based on knowledge and action.”