At the World Economic Forum's annual meeting, Michael Garstka, managing director of Bain UK, discusses how executives are preparing their companies to thrive in an economic downturn, including harnessing digital and setting clear targets for mergers and acquisitions.
The next crop of leaders are acting now to restructure costs and go on offense.
- Using the Next Recession to Change the Game
- What Sales Teams Should Do to Prepare for the Next Recession
- Bending the Cost Curve
Read the transcript below:
MICHAEL GARSTKA: Business leaders here, in panels and in one-on-one discussions, are beginning to talk about what they're doing to get ahead of a potential downturn, to win coming out of that downturn. Not to be on the back foot and hunkering down, but to be the leader in their industry in moving forward.
And that means not just being proactive about getting their costs in order. But thinking, more interestingly, about how do they leverage their investments in digital? To drive not just costs, but a better experience. So digital is not just something that's theoretical and multi-year. How is it translating into real financial impact in moving the top line?
How they're aligning their sales force against their best customers. And as we go into a deeper potential downturn, what are their M&A targets? And actually, what's the talent they want to scoop up from their competitors? It's an interesting and dynamic time here, and I'm looking forward to the conversations in the rest of the week.
Our latest insights from the World Economic Forum's annual meeting.