I decided to take a look back in the MDM Archives at the advice that was being offered up the last time the U.S. was dealing with a downturn. Here’s what I found:
David Gordon and Neil Gillespie in November 2002 provided perspective from GE CEO Jeffrey Immelt:
- Prepare for five years of slow growth. Plan accordingly.
- Price pressures will continue.
- Innovate now. Your basic strategies in a scenario of slow growth with never-ending price pressures are either cut prices or innovate with technology solutions for customers.
- Hit singles as well as home runs. Focus on smaller frequent innovations.
…
