As senior managers get past the strategic paralysis they
suffered in the first stage of the financial crisis,
they will need to respond in an appropriate and
structured way. They will also need to figure out which
changes to make first. In this environment, companies
may need to address challenges related to costs,
revenues, and their balance sheets. Moreover, these
issues generally can’t wait; they must be dealt with
quickly. We describe a robust, three-step approach to
change that companies should take during the crisis:
understanding immediate needs, setting priorities, and
implementing restructuring. We include an overview of 25
key management tools across five key focus areas that
can help ensure success in companies’ restructuring
efforts. pdf 2009
