Lessons from the 2008 financial crisis.
And a cheat map to get you going.
The daily experience of business leaders suggests that the current crisis may last longer and have a much more harmful consequences than previously expected.
The main reason for this is that as this crisis unfold, unlike a singular breakdown, we may witness a series of many small crises. Each small crisis will have its own pace and impact, all of which are interrelated and very much under way.
To understand what actions companies should take in the face of this uncertainty, we looked back to 2008. In the aftermath, companies that were able to emerge stronger from the recession, were the ones who were able to reduce cost without damaging the long-term health of their businesses. These companies were also able to proactively manage their customer and product portfolios.
Naturally not all companies are created equal. There are some variables in actions according to the type and maturity of the organization. For example, capital intensive companies such as airlines and telecom that prioritize digital transformation projects, were able to reduce cost while increasing client satisfaction. Contrasting to large enterprises, in 2009 Netflix was able to emerge as the leader we know today, by focusing on customer service and product fit by adding different pricing plans and offer an innovative streaming service.
The table above shows the actions taken by the top companies that improved their overall market position between 2007-2010. The table is meant to serve as inspiration and should be combined with additional methods to form a proper resilience plan.
