Management is looking everywhere to cut. Companies like yours have lost a combined 3 trillion dollars in stock value in the last 12 months. Only a year ago most companies--like now bankrupt telecommunications company Winstar-- believed their profits would increase dramatically during the foreseeable future.  

Here are 5 ideas for you and your department that will help you survive and thrive.

See the downturn as an "unwelcome opportunity." None of us would have said, "Gee, I think I’d like a downturn." But this downturn is like a business war, and remember, most people get promoted to general during war, not in peace time. Things will get better, but count on at least a year to show you’re really good in challenging situations. You’ll use this opportunity to demonstrate your growing skill set and your ability to take decisive action in downtimes to make every action contribute to your organization's success.

It’s still about achieving goals, not just about cutting budgets—get your team out of the bunker and join in the battle. It’s hard to remember when everyone in your organization is sending down mandated budget reductions that your mission isn’t budget cutting—it’s still about achieving your goals. Choose those items and initiatives where you clearly add value.

Don’t whine about the process—senior managers are going through enough stress without the stress of managing your emotions. Show senior managers that you know how to make tough budget decisions. At the same time don’t be bashful about going back to make a case for an initiative that will make or save your organization money, even though it involves spending.

Get inside your customer's head. You don’t need to be in Sales or Marketing to be constantly scanning your market. Read everything you can find and talk to everyone you meet that might give some insight that will help focus your efforts on the customer’s highest needs--whether your customers are external or internal. The individuals, departments, and teams that survive will be the ones that add value. And customers define value.

Watch for the Uptick. The return of a bull market and robust economy won’t be heralded with fanfare—at least not in the beginning. There will be subtle signs of returning vitality—signs that will be easily missed, discounted, or misinterpreted. Look for the upticks and be ready to act immediately. Those who move fast when things pick up are the ones who’ll reap the greatest profit.

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