Here are the most common themes ranked from most to least frequently cited:
1. Talent matters in a shifted market! It’s all hands on deck and who you have matters more than ever. “The tougher the market the better the person needed.”
2. Cut expenses fast and stay lean! And the best time to start is in a good market. “Stay lean even when you can afford to be fat.”
3. Debt can be deadly. Don’t take on too much when capital is cheap. “Avoid personal liability like the plague.”
4. Get real and act quickly! “Do not follow the market down – lead the market.”
5. Don’t be greedy. Take your winnings while you can. And stop speculating that things will improve. “Be willing to make the tough decisions on projects and personnel. The first markdown is the least expensive.”
6. Develop your bench. Even in bad times, don’t stop interviewing. “In a tough market, it is fairly easy to upgrade your mediocre employees with better qualified people at lower prices.”
7. Build your war chest before going into battle. “Cash is king.”
8. Communicate with your team and partners and engage them to find solutions. “Let your employees work together … to create cost-saving ideas.”
9. It can always get worse. “Worst-case projections in one quarter tend to become best-case projections for next quarter.”
