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Article 1 reviews Cost cutting in a downturn This article states that according to a study of 377 large businesses by the consultant Bain Company sharp managers respond to a downturn by tightening their alliances with stakeholders not just cutting costs Aggressive cost management is extremely important during a downturn However many executives overreact to disturbing economic reports Layoffs for example are often implemented as a way of holding down costs Costs have to be carefully managed The key is consistency A company should not act one way in good times and another way in bad times Otherwise employees suppliers and other business partners will lose confidence in the company and morale cooperation and productivity will all decline Another thing that some companys focus on is short term goals and forecast This is no way to run a big company In Japan the focus seems to be on long term goals and this style of management seems to work very well Stock will be stable and employees stay longer Earlier I mentioned consistency during good and bad times Consistency will keep everyone associated with your business loyal Loyalty is a very important thing over a period of time Loyalty also builds trust and loyal employees work with a company longer and with more effort American companies seem to cut cost in all the wrong ways in bad times Lot of times companies will lay off large amounts of employees just to make their quarterly earnings and then they try to hire people back That type of approach is very unstable and can result in a bad company reputation When a company gets a bad reputation for laying off too many people its hard for them to hire new employees when business is better and they need lots of employees The bottom line is that companies dont always think about long term goals and they need to start thinking and managing in that way
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