Hi! Managers: Adapting to the economic crisis

The US financial meltdown has sent shock waves around the world, and everybody is wondering how his or her business or job will survive. Both the world and national economies have been so hard hit that it seems no business can be immune from this "global crisis tsunami".

It is essential for every manager to remain positive and focused on taking appropriate action for business survival. Your competence will be put to the test during this time of hardship. You have to turn this crisis into an opportunity; it is a "do-or-die" situation, and overcoming it will be a huge challenge.

Don't be too optimistic about the possible consequences. You have to be prepared for a worst-case scenario in which everything goes wrong all of a sudden, if timely measures are not sprung into action.

Downsizing is the first step to be taken. All business operations must be reviewed and costs cut. Every organisation must be "lean and slim", so that nothing is wasted.

Manpower optimisation is another key issue for consideration. If lay-offs can be avoided, at least halt new recruitment. Naturally, employees will be anxious about their future in this gloomy environment. A manager has to inform them of the company's goals and each member of staff must be told what they can do to help the company reach its targets. It's time for them to be more proactive and adopt new approaches to optimising business efficiency.

Focusing on areas of opportunity will enable the company to grow again after passing through the financial storm. Don't forget the old saying: "Every cloud has a silver lining." You must think positively, and remember that difficult times always lead to better days. Move forward towards a promising future when the economy recovers.

Self motivation is crucial. You cannot control the economic circumstances, but you can choose the right attitude and avoid the motivational doldrums. You have to be mentally strong to successfully navigate through this harsh storm.

Keep in mind that only those who can adapt themselves to fast-changing circumstances will survive. They may not be the strongest - but they will be the fittest.

Panatda Chennavasin is vice president for corporate strategies and corporate relations at Tri Petch Isuzu Sales and is also senior vice president for overseas marketing of Isuzu Operations (Thailand). Her column is published on every third Wednesday of the month.