The doom and gloom of recessionary news seems all pervasive – a mood lightened only by occasional bursts of brilliantly timed optimism, wishful thinking or the creative endeavours of cartoonists.

So we give thanks for the artist who sketched an earnest Finance Minister talking to his technology obsessed colleague.  ‘The economy has crashed’, he said.  “Well”, said his friend, “have you tried switching it off and switching it back on again?”

Looking beyond the gallows humour we can, however, see at least the tips of the green shoots of recovery.  This is not unfounded optimism.  It’s more akin to Newton’s 3^rd law – the law of reciprocal actions – because economic recessions (or any major disruptions to the way we do things around here) provide golden opportunities to change the way we do … etc.

Politicians and regulators used to lust after stability but the truth is that innovation is both induced by and results in change and the evolution of ideas – and it is this opportunity for change that has been the keynote of the last month.  President-elect Obama campaigned on ‘the change we need’ and our ability to make a difference – and yes we did.

Less obvious and largely unreported, the business audiences for workshops and lectures addressing the opportunities revealed by dislocations have rarely been in greater demand. Take, for example, last month’s lecture schedule for Prof. Colin Coulson-Thomas.

Speaking to business leaders in Dubai Knowledge Village he emphasised: “Situations, circumstances and customer requirements can rapidly change. Windows of opportunity can quickly open and close. Companies need new approaches that are quicker, cheaper and easier to implement.”

Speaking in London at the Annual Financial Controllers Conference he urged ambitious financial controllers and directors to embrace new approaches to communicating financial information and managing risks. “Too many companies”, he suggested, “produce accounts that are unread and do little to improve financial understanding. Giving people lots of data does not increase understanding. The best candidate for financial director may be the person who is best able to explain financial forecasts and results.”

Back in the Middle-East he told a gathering of customer service practitioners in Oman that: “Successful companies work with customers to find better ways of helping them to cope with tough times.”  “Economic hardship”, he explained, “brings latent qualities to the surface.  While the self-centred worry about how they will be impacted, caring companies distinguish themselves by enabling their customers to confront the challenges and opportunities of economic hardship. A friend in need really is a friend indeed.” 

Addressing the Chartered Institute of Personnel and Development (CIPD) last week he observed that the credit crunch and economic downturn are putting more people under stress – but workplace stress can be reduced by making it easier for people to do difficult jobs 

“Just when family budgets are being squeezed companies are restructuring, and introducing changes cause anxiety and stress. Yet by the time many of these change programmes have delivered the world will have moved on, and precious experience and expertise may have been lost.” “It need not be like this”, he urged. “Smart companies look for cost effective ways of helping their people and building their capabilities. Stress at work can be reduced, responses speeded up and performance greatly improved, even in the case of difficult front-line jobs.” 

The credit crunch and recessionary times are far from being wholly negative experiences.  The challenges and new imperatives to think through the way we do things will be seen by enlightened managers as a truly golden opportunity.

For some, of course, the silver linings of these economic clouds may not immediately be obvious.    In another cartoon two directors stared at the declining graph of sales and one observed that ‘this looks like the bridge we said we’d cross when we came to it.’

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Professor Colin Coulson-Thomas is an experienced chairman of award winning companies and author of ‘Winning Companies: Winning People’ (Policy Publications, 2007).  

He has reviewed the processes and practices of over 100 companies, helped over 100 boards to improve board and/or corporate performance, and spoken at over 200 national, international and corporate conferences in 35 countries.

He can be contacted via http://www.colincoulson-thomas.com

Acknowledgement:  The cartoon references in this editorial were first enjoyed by readers of Prospect magazine.